Beirut: A bipartisan group of US senators agreed Tuesday on a new sanctions package that grants US President Donald Trump broad powers to punish the largest global buyers of Russian oil and gas, potentially affecting trade with major economies like China and India.

According to Anadolu Agency, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, named in honor of the late senator, aims to squeeze Moscow's economy by hiking duties on all Russian imports by up to 500%. Senators Jeanne Shaheen, Richard Blumenthal, Darline Graham, Katie Britt, Roger Wicker, and Jim Risch announced the bipartisan agreement.

'We are proud to announce an agreement on legislation to stop purchasers of Russian oil and gas from fueling Putin's war machine and to continue restricting the Iranian regime's ability to support terrorism and build its nuclear program,' the senators said.

Section 113 of the bill specifically targets the five countries that purchase the largest volumes of Russian fuel or facilitate sanctions evasion through shadow fleets, threatening them with additional 100% tariffs. Regarding Iran, the legislation extends the Iran Sanctions Act for an additional five years, keeping critical secondary restrictions in place until 2031.

Furthermore, a legislative provision limits the new tariff authority to a five-year sunset period. This ensures the powers do not become a permanent fixture of US trade policy without further renewal.

An initial procedural vote on the measure is scheduled for late Tuesday in the Senate, where it is expected to pass. However, because the House of Representatives has already departed for its August recess, the bill is unlikely to reach the president's desk for signature until September at the earliest. The sanctions target Russian officials, their family members, foreign nationals, Russian banks, and financial institutions.