Statement: US Senator threatens 500% tariff on countries that buy oil from Russia

Fifty U.S. senators said on Tuesday they were ready to vote for tougher sanctions, including 500 percent tariffs on countries buying Russian oil, gas and uranium, if Moscow refuses to engage in the Ukraine peace process.

“These sanctions would be imposed if Russia refuses to engage in good faith in lasting peace negotiations with Ukraine or takes other actions that undermine Ukraine’s sovereignty, including military incursion, if peace is achieved,” the senators said in a joint statement. “The legislation also imposes 500 percent tariffs on imports from countries that purchase Russian oil , gas, uranium and other products.”

The group of senators includes both the ruling Republican and Democratic parties. On the Republican side, the bill is led by Senator Lindsey Graham, who was included in Russia’s list of terrorists and extremists.

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