US President Trump Approves Russia Sanctions Bill
The new law paving the way for up to 100% customs duties on countries importing energy from Russia has entered into force.
United States President Donald Trump signed and enacted the comprehensive sanctions bill prepared against Russia, creating a threat of additional taxes for countries buying Russian oil and gas.
Approval Process of the Law
US President Donald Trump officially signed the legislative package containing sanctions against Russia that passed through Congress. This approval came two days after the Republican-majority House of Representatives passed the bill by a vote of 262 to 159.
Name and Scope of the Law
Named the Lindsey O. Graham Russia and Iran Sanctions Act, the legislation was prepared in memory of Senator Lindsey Graham, who passed away in July. The regulation aims to reduce the energy dependency on Russia of countries trading with it.
Customs Duty Threat
The law authorizes the imposition of customs duties of up to 100 percent on states purchasing oil and natural gas from Russia. This situation brings new economic risks, especially for states trading in this field.
Ten Countries in the Target
With a motion introduced by Democratic Representative Steny Hoyer, 10 countries that could be subject to a 100 percent tax under secondary tariff provisions were explicitly listed. These countries include China, India, the United Arab Emirates, Turkey, Singapore, Azerbaijan, Kazakhstan, Hungary, Kyrgyzstan, and Slovakia.