Lindsey O. Graham Sanctioning Russia and Iran Act of 2026

This legislation establishes a comprehensive framework for imposing sanctions and other restrictive measures against the Russian Federation. Its primary goal is to exert significant economic and political pressure on Russia for its actions, particularly concerning Ukraine. The bill also includes a provision to extend the Iran Sanctions Act of 1996 until 2031. Title I of the bill mandates sanctions on a wide array of Russian targets. This includes high-ranking Russian government officials, such as the President, Prime Minister, and various ministers and military commanders. Sanctions also extend to foreign persons who knowingly provide support to Russia's defense industrial base , facilitate transactions to circumvent existing sanctions, or engage in activities that undermine Ukraine's military readiness, critical infrastructure, or democratic processes. Additionally, Russian oligarchs who have not opposed the war in Ukraine or continue to benefit from association with the Russian government are targeted. The bill imposes stringent financial sanctions, requiring the blocking of property and restricting transactions with key Russian financial institutions like the Central Bank , Sberbank, VTB Bank, and Gazprombank. It prohibits U.S. persons from engaging in new investments in the Russian Federation and bans the purchase of Russian sovereign debt . Furthermore, the legislation seeks to prevent the circumvention of sanctions by targeting international financial messaging systems that provide services to sanctioned Russian entities. Significant measures are directed at Russia's energy sector, prohibiting new U.S. investment and exports of U.S.-produced energy to Russia. The bill also mandates a substantial increase in duties, up to 500 percent ad valorem , on all goods imported from the Russian Federation, including energy products. To counter sanctions evasion, it imposes duties of up to 100 percent on goods from countries that are major new purchasers of Russian crude oil or natural gas, or those facilitating Russian oil sanctions evasion. The legislation includes several exceptions for humanitarian assistance, intelligence activities, international obligations, and the winddown of operations by non-Russian entities. Sanctions may be waived by the President under specific national interest conditions, with a report to Congress. Termination of sanctions is contingent upon Russia signing a peace agreement with Ukraine and ceasing all hostilities, subject to Congressional review. The Act, excluding the Iran sanctions extension, is set to terminate five years after its enactment.