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In a move to bolster economic pressure on Russia, a bipartisan group of U.S. lawmakers plans to meet with Treasury Secretary Janet Yellen’s aide, instead of actual treasury secretary, on the sidelines of the NATO summit in Ankara, sources have revealed. The meeting is expected to take place later this week and aims to secure Yellen’s support for pending Russia sanctions legislation.
Key components of the proposed bill, which has been co-sponsored by Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal, would grant the President authority to impose tariffs and sanctions on countries with ties to Russia. This includes buyers of Russian oil and uranium, two key areas in which the country has seen significant economic growth.
Critically, the proposed legislation would also see an end to the extended sanctions waivers for Russian oil which have remained in place since the United States reengaged in the Joint Comprehensive Plan of Action (JCPOA) with Iran. It appears that lawmakers view such sanctions waivers as having been overly generous and want to see their immediate elimination.
Lawmakers are also pushing back against continued U.S. exemptions for European nations that have been heavily reliant on Russian energy. This move marks a shift in strategy that appears to target the countries themselves, seeking to end exemptions and increase economic pressure on Russia. This may result in European nations rethinking their energy policies and looking towards alternative energy sources, such as U.S. oil and gas exports.
In recent years, both major parties in the U.S. Congress have sought to increase sanctions and restrict energy ties with Russia. Bipartisan efforts have gained traction amidst rising tensions and diplomatic crises involving Russia across multiple theaters of concern. This push is a part of broader efforts to reassert U.S. economic interests abroad.
However, a senior U.S. official has cautioned that Treasury Secretary Yellen may yet resist efforts to push forward Russia sanctions legislation if such efforts are deemed ‘inimical to America’s national security’. U.S. officials continue to grapple with the delicate balance between pressuring Russia and keeping economic and diplomatic interests intact.