The US Senate on early Saturday India time passed the bipartisan Lindsey O Graham Sanctioning Russia and Iran Act of 2026 by an 86-11 vote. Before it becomes a law, the legislation will have to clear the House of Representatives and receive the President’s signature. The bill, however, does not directly impose tariffs. Instead, Section 113 would give the president discretionary authority to levy tariffs of up to 100% on imports from countries purchasing Russian oil or natural gas. The president would have the power to decide whether to impose the tariffs, which countries to target and the rate applicable…
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