US Senate passes sweeping Russia sanctions bill targeting China and India

If signed into law, the bill imposes tariffs of up to 100% on the top five buyers of Russian oil — primarily China and India. A trade shock hitting China has real knock-on effects for the Australian export economy, though the bill still faces the House.

In a nutshell: The Senate passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by 86–11 on 7 August. Named for the senator who died in July, it would impose up to 100% tariffs on countries in the top five purchasers of Russian crude, targeting China and India, and up to 500% tariffs on Russian goods. It also extends the Iran Sanctions Act. The bill goes to the House, which is on recess until September.