U.S. Senators Plan 500% Tariff On Russian Energy Buyers If Peace Talks Stall

A bipartisan group of 50 U.S. Senators has prepared a plan to slap a 500% tariff on imported goods from countries that buy Russian oil, gas, and uranium if Russia refuses to engage in good-faith negotiations for a lasting peace with Ukraine.

Senators Richard Blumenthal (D-Connecticut) and Lindsey Graham (R-South Carolina) led 50 of their colleagues – evenly divided by party affiliation – to propose “primary and secondary sanctions against Russia and actors supporting Russia’s aggression in Ukraine,” the statement from the Senators said.

“These sanctions would be imposed if Russia refuses to engage in good faith negotiations for a lasting peace with Ukraine or initiates another effort, including military invasion, that undermines the sovereignty of Ukraine after peace is negotiated.”

The hard-hitting sanctions on Russia “are at the ready and will receive overwhelming bipartisan, bicameral support if presented to the Senate and House for a vote,” the Senators said.

Congressional action could give U.S. President Donald Trump more munition to demand Russia’s good-faith engagement in talks about a lasting peace in Ukraine.

Last weekend, President Trump voiced frustration with Vladimir Putin, saying he was “pissed off” with the Russian President.

“If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault — which it might not be — but if I think it was Russia’s fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Trump told NBC in an interview on Sunday.

In the statement announcing the proposed new sanctions on Russia, the U.S. Senators said “We share President Trump’s frustration with Russia when it comes to obtaining a ceasefire, and support President Trump’s desire to achieve a lasting, just and honorable peace.”

Russia signaled on Tuesday that it cannot accept the U.S. plan to end the war in Ukraine in the “current form.”

Source: Oilprice.com