House Passes Measure Aimed at Punishing Top Importers of Russian Oil and Gas

Dow Jones

16 hours ago

WASHINGTON-The House passed legislation Wednesday that gives President Trump new authority to level tariffs and is intended to squeeze the biggest importers of Russian oil and gas, a measure designed to punish Moscow for the invasion of Ukraine.

The legislation passed 262 to 159, sending it to Trump's desk for his signature. The bill, which was approved by the Senate last month, received bipartisan support, even as some Democrats opposed it because they were concerned that Trump might misuse the greater tariff authority.

The legislation wouldn't only penalize certain Russian individuals and entities but also the five biggest importers of Russian oil and gas. It gives Trump the authority to issue up to 100% tariffs on the countries facilitating energy sales to Russia. It also extends sanctions on Iran until 2031.

Among Russia's top five fossil-fuel importers, China accounted for 51% of Moscow's revenues, according to Sen. Jeanne Shaheen of New Hampshire, the highest ranking Democrat on the Senate Foreign Relations Committee.

A White House official said Trump planned to sign the bill.

This developing story will be updated.

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