The leaders of the House and Senate committees that oversee trade announced Monday that they had agreed on a bill that would bar imports of Russian energy and suspend normal exchange with Russia and Belarus.
“As Russia continues its unprovoked attack on the Ukrainian people, we have agreed on a legislative path forward to ban the import of energy products from Russia and to suspend normal trade relations with both Russia and Belarus,” House Ways and Means Committee Chair Richard Neal (D-Mass.), ranking member Kevin Brady (R-Texas), Senate Finance Committee Chair Ron Wyden (D-Ore.) and ranking member Mike Crapo (R-Idaho) said in a statement obtained by C-SPAN.
“While Congress needs to do more as congressional leaders with jurisdiction over our nation’s trade policy, we are committed to using the tools at our disposal to stop Russia’s unconscionable and unjust war on Ukraine and hold Belarus accountable for its involvement,” they added.
The proposal comes days after Biden imposed more sanctions on Russian oligarchs. Yegor AleyevTASS via Getty Images
A low-temperature isomerization unit at the Novokuibyshevsk Refinery, a subsidiary of Rosneft Oil Company, in the city of Novokuibyshevsk. Yegor Aleyev/TASS via Getty Images
The most recent sanctions follow limited penalties announced at the outset of the invasion. Yegor Aleyev/TASS via Getty ImagesThe legislation would reportedly give President Biden the authority to raise tariffs on goods from both countries, as well as require the US Trade Representative to seek the suspension of Russia’s participation in the World Trade Organization.
If the president chooses to restore normal trade relations, they would be “subject to certain conditions and congressional disapproval,” according to Politico.
The proposal comes days after Biden imposed more sanctions on Russian oligarchs in response to the deadly invasion of Ukraine that began Feb. 24.
Sen. Mike Crapo speaks on Capitol Hill, February 8, 2022. MANDEL NGAN/AFP via Getty Images
Sen. Ron Wyden (D-Ore.) is the Senate Finance Committee chair. Drew Angerer/Getty Images
Rep. Kevin Brady (R-Texas) was one of the lawmakers who participated in the statement. Samuel Corum/Bloomberg via Getty Images
Rep. Richard Neal (D-Mass.) speaks during the America Competes Act event in the Rayburn Room in the Capitol on Friday, February 4, 2022. Bill Clark/CQ-Roll Call, Inc via Getty Images
Announced Thursday, the new sanctions target members of seven families.
“The goal is to maximize the impact on [Russian President Vladimir] Putin and Russia and minimize the harm and loss to our allies and friends around the world,” Biden said during a cabinet meeting.
“Our interest is in maintaining the strongest unified economic impact campaign on Putin and all of his people,” the president added.
The most recent sanctions follow limited penalties announced at the outset of the invasion against state-owned Russian banks and certain elite businessmen. Biden has also sanctioned Putin’s vast personal wealth and reached an agreement with US allies to unplug Russia from the SWIFT international banking system.
The proposal is in response to the deadly invasion of Ukraine that began Feb. 24.
The legislation would reportedly give President Biden the authority to raise tariffs on goods from both countries. Yegor Aleyev/TASS via Getty Images
The new sanctions target members of seven Russian oligarch families. Yegor Aleyev/TASS via Getty Images
The legislation would require the US Trade Representative to seek the suspension of Russia’s participation in the World Trade Organization. Yegor AleyevThe House Ways and Means and Senate Finance committees did not immediately respond to The Post.
