US President Donald Trump on Friday signed a bill into law imposing new sanctions on Russia and locking in punitive economic measures against Iran for the next five years.
Named in honour of the late Senator Lindsey Graham, a staunch Russia critic and Iran hawk, the bill passed the House of Representatives this week after passing the Senate early last month.
The bill allows Mr Trump and future American presidents to impose tariffs of up to 100 per cent on major importers of Russian energy – including India, Japan and some EU countries – as well as countries that aid Russia’s energy sanctions evasion. It is also aimed at Moscow's leadership and cracks down on Russia's so-called shadow fleet of oil tankers.
The measure is aimed at pushing Russia to end the war in Ukraine, now in its fourth year. Mr Trump had previously been reluctant to impose sanctions on Moscow, viewing it as an impediment to negotiations, but he became more supportive of the idea as the war dragged on.
Mr Graham's sister, Darline, who has taken up the senator's vacant seat in the Senate and is currently running in South Carolina to fill it, expressed her gratitude to Mr Trump for making the bill "the law of the land".
“I wish Lindsey were here to celebrate this historic day. I know he would be so proud," she said in a statement. "I am confident that the sanctions and other measures contained in this legislation will do that and further increase the President’s negotiating leverage to secure a lasting peace [in Ukraine]."
Meanwhile, the Iran provision extends the Iran Sanctions Act of 1996 that was set to expire this year. The sanctions aim to keep pressure on Iran's weapons and energy industries, choking off state revenue.
The US is engaged in Operation Economic Outcast, which is focused on cutting off Iranian sources of funding around the world.
"Under Operation Economic Outcast, Treasury will continue to target and disrupt those who provide material, technological or financial support that allows the Iranian regime to sustain its terrorist enterprise," Treasury Secretary Scott Bessent said this week.
