US reveals details of Graham sanctions bill against Russia – with softer provisions

The US Senate has revealed details of an updated version of the late Lindsey Graham's bill on sanctions against Russia – with provisions softened compared to the original draft.

Source: Reuters, as reported by European Pravda

Details: On 14 July, Senators presented an updated version of the sanctions bill against Russia initiated by the late Senator Lindsey Graham together with Democrat Richard Blumenthal. It softens the original proposals for punitive tariffs on countries importing Russian energy resources.

In particular, the updated version proposes a maximum tariff rate of 100% against them and only for the top five importers, whereas the original proposed 500% for all.

Exemptions are also provided for countries importing less than 15% of Russian natural gas exports and those "taking significant steps to reduce imports" – Japan, France, Belgium and Hungary could potentially qualify.

The top five importers of Russian oil currently include China, India, Slovakia, Hungary and Azerbaijan, while for gas they are China, France, Japan, Hungary and Belgium, according to aides involved in drafting the text.

The bill also provides for sanctions against shadow fleet tankers not using Western companies' services; against Russian financial institutions including Russia's Central Bank; and against Russia's largest state energy projects, including Yamal LNG and Arctic LNG 1, 2 and 3.

In addition, the updated version contains a provision allowing Trump to suspend the sanctions if he considers it to be in the US national interest.

Senate aides noted that the bill has 26 co-sponsors and its chances of passage are now fairly confident.

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