A United States senator is preparing to hit Russia’s economy with a series of new swingeing sanctions and tariffs, as patience with Vladimir Putin appears to be running out. Despite growing pressure, the Russian president has shown no signs of engaging in meaningful discussions over a peace deal with Ukraine.
The Kremlin has ruled out a 30-day ceasefire, although it has announced a 72-hour halt to hostilities for its May Day victory celebrations. Experts have suggested that Putin has been “playing” Donald Trump over his intentions for peace in Ukraine. A close US Senate ally of Trump has been gathering support among fellow politicians for a bill that would enact “bone-crushing” new sanctions on Russia and tariffs on countries that buy its fossil fuels.
A draft form of the bill seen by Bloomberg outlines punishments that would include a 500% tariff on imports from countries that buy Russian oil, petroleum products, natural gas or uranium.
Sanctions would also prevent US citizens from buying Russian sovereign debt.
Republican Senator Lindsey Graham said he already had the support of 72 members of the Senate and enough backing in the House of Representatives to get the bill passed.
“I want a negotiated end to the war, honourably and just,” the Senator told reporters on Wednesday.
“I think Trump’s the best person to achieve that goal, but these sanctions represent the Senate’s view that we see the primary bad guy being Russia.”
Graham warned Putin that he would be making a huge mistake if he tried to “play” the US President.
He said the Russian leader would have to choose between ending the war or seeing his economy “crushed”.
Oil and gas revenues are a key source of budget revenues for the Kremlin, which helps to finance its war in Ukraine.
In recent weeks, oil prices have slumped dramatically, following Trump’s imposition of trade tariffs.
Russia now expects 24% lower income from its sales of fossil fuels this year compared to earlier estimates.
In the latest forecast, the Kremlin slashed its expected price of Russian crude from $69.70 per barrel to $56 a barrel for 2025.
Meanwhile, the White House appears sets to approve its first sale of military equipment to Ukraine since Trump took office.
The state department has certified a proposed licence to export “$50m or more” (£37.6m) of defence hardware and services to Ukraine, according to a communication sent to the US committee on foreign relations.
