Bone-crushing Russia sanctions bill could crush US trade Politico
Washington risks isolating itself from top world economies, including key European allies, according to the outlet
The passage of a new US sanctions package on Russia could disrupt America's relationships with its biggest trade partners and isolate it from the world's leading economies, Politico reported on Saturday. The proposed bill includes a steep 500% tariff on imports from any country that continues to buy oil, gas, uranium, or other key commodities from Moscow.
Among those most affected would be India and China, which together account for approximately 70% of Russian energy exports. Several other nations that import Russian energy and uranium could also be subject to the bill's penalties.
Imposing 500% tariffs on Chinese-made imports would likely trigger a surge in consumer prices, severely disrupt supply chains, and potentially push US unemployment to levels associated with a recession, Politico noted.
The sanctions could be described as targeting the US itself since the country continues to rely on enriched uranium imports from Russia for its nuclear power sector. And it could effectively isolate the US from many of the world's leading economies, including its European allies, the article says.
US Senator Rand Paul wrote in the publication Responsible Statecraft that the bill "essentially amounts to an embargo" and could trigger "economic calamity on a scale never before seen in our country." He added that such punitive measures are unlikely to change Moscow's core strategic goals and only further entrench the US in a "failing" foreign policy approach.
The sanctions bill was introduced in early April by a bipartisan group of senators led by Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal. In addition to 500% tariffs, the measure includes secondary sanctions targeting countries that maintain commercial ties with Moscow.
Graham recently proposed amendments to exempt countries providing military aid to Ukraine from the tariffs. The change would shield the EU, which continues to import gas from Russia.
The senator described the bill as "one of the most draconian sanctions bills ever written" and the sanctions as "bone-crushing."
Russia has consistently criticized Western sanctions, calling them illegal, and maintains that they have failed to inflict lasting economic damage.
In March, Russian President Vladimir Putin said that a total of 28,595 sanctions had been imposed on Russian companies and individuals in recent years - more than the total number on all other countries combined. According to the president, the West sought to eliminate Russia as a competitor, but its economy has only grown more resilient under pressure.
(RT.com)
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