U.S. House to Consider 100% Tariff Bill Against Russia

The U.S. Senate has passed a bill imposing sanctions against Russia, but it still needs to be processed by the House of Representatives, highlighting the geopolitical risks associated with the Ukraine war. The bill includes provisions that would allow for tariffs of up to 100% on exports to the U.S. from countries that purchase Russian crude oil and gas in large quantities. Senator Richard Blumenthal expressed hope that the House would process the bill next month. The bill passed the Senate on August 7 as an amendment to H.R. 5334 and aims to exert pressure on countries purchasing Russian energy alongside sanctions against high-ranking Russian officials. The House version, H.R. 10076, was introduced on August 10 and has been referred to several committees. The Republican majority is cautious about foreign intervention, while some Democratic lawmakers have expressed concerns about granting excessive tariff powers. This bill is structured to reduce Russia's foreign currency income, with the tariff authority serving as a means to combine diplomatic and security sanctions with trade measures. Senator Blumenthal raised concerns that Tether could be used for money laundering and sanctions evasion by Russia and Iran, emphasizing that this could also lead to issues regarding the monitoring of stablecoins and on-chain fund movements. The bill is currently at the committee stage in the House, and if the House does not process the bill, the sanctions will not take effect with just Senate passage.

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