01 — The Text
What.
- Freezes assets and blocks visas for Russian leaders, military commanders, and anyone supplying Russia's defense industry.
- Slaps up to 500% tariffs on all Russian imports; up to 100% on energy imports from Russia's top five oil/gas buyers.
- Bans U.S. energy exports to Russia, new investments in Russia, and Russian government securities trading on U.S. exchanges.
- Targets foreign ships carrying Russian oil, uranium, and coal with property seizures.
02 — The Stakes
So what?
- Hits U.S. importers and companies with major tariff costs; affects energy prices if allies reduce Russian purchases.
- Cuts off Russian government and defense sector from global capital and trade, escalating economic pressure.
- U.S. financial institutions lose access to Russian sovereign debt markets; American investors face investment restrictions.
- President can waive penalties if declaring it's in national interest—creates an escape valve but also discretionary power.
03 — The Path
Now what?
- Bill introduced in Senate July 2026 with 63 cosponsors; sent to Banking Committee. Faces unclear timeline for floor vote.
- Passage requires Senate majority support, then House approval and presidential signature—no guaranteed path forward.
- Contact your senator to ask their position on Russia sanctions if this issue matters to you.
Legislative History
Actions.
- Jul 16, 2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 16, 2026 — Introduced in Senate