New legislation reduces maximum tariffs on top Russian oil and gas buyers to 100% from 500% while allowing presidential waivers.
The US Senate released an updated Russia sanctions bill that lowers maximum tariffs on the five largest buyers of Russian energy to 100% from the previously proposed 500%. The legislation, negotiated with the Trump administration, eases potential penalties on Russian oil and gas imports.
The bill also grants the president authority to waive sanctions if deemed in the national interest. Exemptions apply to countries importing less than 15% of Russia’s natural gas exports and taking steps to reduce those imports.
The revisions follow negotiations to balance economic and geopolitical pressures amid ongoing energy market volatility.