US President Signs into Law Sanctioning Russia and Iran Act of 2026
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What happened
The President has signed the Lindsey O Graham Sanctioning Russia and Iran Act of 2026 into law. The act grants the President the power to impose up to 100 per cent tariffs on all goods imported from the five largest importers of Russian oil and gas. The law was passed by Congress.
Why it matters
The law's implicit assumption is that deterring buyers of Russian energy will compel Russia to end the war in Ukraine. The introduction of these tariffs is expected to complicate the global economic and geopolitical environment.
How it developed
Newest first. Tap a step to see who reported it.West Asia conflict complicates global environment; Sanctioning Russia and Iran Act of 2026 passed; India relies on Russian energy.1 source
Ongoing Russia-Ukraine conflict and Iran vs Western countries conflict.1 source