House Passes Russia Sanctions Bill Targeting Oil Imports

Why it matters locally: While Wisconsin is not a direct importer of Russian oil, the new federal sanctions could lead to shifts in global energy markets that may indirectly affect fuel prices and the operating costs for key industries across the state.

WASHINGTON – The House of Representatives has passed legislation authorizing sanctions against Russia. The bill, named in honor of the late South Carolina Republican Lindsey Graham, now advances to the President for his signature. This measure provides the President with the authority to implement tariffs. These tariffs would apply to countries identified as top importers of oil and natural gas from Russia. Nations such as China and India are among those designated by the legislation.