The goal of this bill is to increase economic pressure on Russia with the intention of forcing it to cease military actions against Ukraine. It grants the U.S. president additional powers for the economic isolation of Russia, including the ability to impose secondary sanctions on third countries.
In particular, the bill provides for a 500% tariff on imports of goods from countries that purchase Russian oil, petroleum products, or uranium.
Such a measure is expected to negatively impact Russia's revenues while simultaneously deterring its trading partners.
As of now, the bill has not yet been passed and must go through the U.S. Congress for final voting. If approved, it will become one of the most stringent U.S. sanctions measures in recent times and could significantly affect international trade and Washington's relations with several major economies.
