Politico: US sanctions on Russia may strain ties with key global partners

A sweeping new sanctions package aimed at tightening restrictions on trade with Russia could have far-reaching consequences for US relations with some of the world’s largest economies.

The legislation, introduced in early April by a bipartisan group of senators led by Republican Lindsey Graham and Democrat Richard Blumenthal, proposes a 500 per cent tariff on imports from countries that continue purchasing Russian oil, gas, uranium, and other key commodities, Caliber.Az reports per Politico. 

The bill also includes provisions for secondary sanctions targeting Russia’s trade partners. The measures risk severely disrupting US trade with nations including China, India, and even European allies. 

India and China together account for nearly 70 per cent of Russia’s energy exports — making them immediate targets of the proposed tariffs. One amendment introduced by Senator Graham would allow for exemptions for countries offering military support to Ukraine. Still, the legislation could trigger a dramatic halt in US-China trade, which would have serious global economic repercussions. 

Further complicating matters is the US own reliance on Russian enriched uranium for its nuclear energy sector. Such dependency could place American energy security at odds with the proposed sanctions. Critics of the bill have also voiced concern over its broader implications. In an op-ed for Responsible Statecraft, Senator Rand Paul (R-KY) argued that the legislation could backfire. Senator Rand Paul wrote that the US would likely be the country most harmed by the bill’s passage, both in economic and strategic terms.

By Naila Huseynova