‘Bone-crushing’ Russia sanctions bill possibly to demolish US trade
(MENAFN) A new US sanctions package targeting Russia could severely damage America’s trade relations with key partners and isolate it from major global economies, according to a Politico report on Saturday. The bill proposes an extreme 500% tariff on imports from any country continuing to buy oil, gas, uranium, or other vital commodities from Russia.
India and China, which together import about 70% of Russia’s energy exports, would be among the hardest hit. Other nations reliant on Russian energy and uranium could also face the bill’s harsh penalties.
Politico warns that such a high tariff on Chinese imports would likely cause consumer prices in the US to skyrocket, disrupt supply chains, and potentially increase unemployment to recession-level highs. The sanctions could paradoxically harm the US itself, as the country depends on enriched uranium from Russia for its nuclear power industry. This policy risks isolating the US from many of its global allies, including those in Europe.
US Senator Rand Paul criticized the bill in Responsible Statecraft, calling it effectively an embargo that could bring about “economic calamity on a scale never before seen” in the US. He argued that these punitive measures are unlikely to change Russia’s strategic goals and will only deepen America’s involvement in a failing foreign policy.
Introduced in April by a bipartisan group led by Republican Lindsey Graham and Democrat Richard Blumenthal, the bill also includes secondary sanctions on countries maintaining trade ties with Moscow. Graham has suggested amendments to exempt countries providing military aid to Ukraine, which would protect the EU as it continues importing Russian gas.
Graham described the legislation as “one of the most draconian sanctions bills ever written” and the sanctions themselves as “bone-crushing.”
Russia has repeatedly condemned Western sanctions as illegal and ineffective. In March, President Vladimir Putin revealed that over 28,000 sanctions have been imposed on Russian individuals and companies—more than on all other countries combined. He asserted that while the West aims to eliminate Russia as a competitor, its economy has grown stronger under the pressure.
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