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Volodymyr Zelensky walked into the US Capitol on July 28 to meet with all 100 senators. His mission: rally support for the Sanctioning Russia Act, a sweeping bipartisan bill that could slap tariffs as high as 500% on countries importing Russian energy.
The bill, known formally as S.1241, already has over 84 co-sponsors.
What the Sanctioning Russia Act actually does
The legislation would give the president authority to impose massive tariffs on nations that continue purchasing Russian oil, natural gas, and uranium.
The bill also includes expanded financial restrictions aimed at choking off revenue streams that fund Russia’s war against Ukraine. This goes beyond the existing sanctions framework that has been in place since 2022, layering on new enforcement mechanisms and broader authority.
A compromise between Congress and the Trump administration was announced around July 10, which helped unlock the bipartisan momentum the bill now enjoys.
The shadow of Lindsey Graham
Senator Lindsey Graham, who was instrumental in driving the sanctions push forward, passed away shortly before the Senate’s July actions on the bill.
Graham had met with Zelensky in Kyiv on July 10, right before the compromise was announced.
Zelensky’s decision to personally address all 100 senators, scheduled for 6 p.m. on July 28, suggests he views this moment as potentially decisive.
The crypto angle no one’s talking about
Ukraine’s National Bank has implemented specific bans on crypto services for Russian users as part of a broader effort to prevent sanctions evasion through digital currencies. Zelensky’s administration has independently sanctioned Russian entities involved in cryptocurrency transactions designed to circumvent existing financial restrictions.
The US bill itself doesn’t directly address cryptocurrency. But Russian actors have been documented using stablecoins and peer-to-peer exchanges to move value outside traditional banking channels since the initial rounds of Western sanctions.
Higher energy costs increase mining operational expenses, particularly for proof-of-work chains like Bitcoin. Miners operating on thin margins in regions dependent on Russian energy could face existential cost pressures.
With 84-plus co-sponsors, the bill appears likely to advance. But the gap between co-sponsorship and final passage can be wide, especially when implementation details around tariff enforcement and financial monitoring get debated in committee.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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