President Donald Trump has enacted a new law that expands sanctions against Russia and extends existing sanctions on Iran, granting him additional authority to impose tariffs on nations continuing to purchase Russian energy. The legislation, signed on September 18, aims to restrict Russia’s financial networks and entities tied to its war efforts, as well as limit revenue from its oil and gas exports.
The law empowers the president to impose tariffs as high as 100% on countries buying Russian energy, although it provides discretion over which nations are targeted and the possibility of waiving certain sanctions. This development could carry significant implications for major energy buyers like India and China, contingent on how these powers are applied by the administration.
The legislation received bipartisan support in the House of Representatives before reaching the president’s desk. The White House emphasized that the law not only strengthens sanction measures against Russia but also maintains the pressure on Iran.
With these expanded powers, the U.S. seeks to exert further economic pressure on Russia, potentially affecting global energy markets and international relations, especially with countries that have ongoing energy trade with Moscow.