Politico reports that Washington risks alienating itself from major global economies, including key European allies.
A proposed US sanctions package targeting Russia could strain relationships with major trade partners and isolate the US from leading global economies, Politico reported. The bill suggests imposing a 500% tariff on imports from countries that continue to purchase oil, gas, uranium, or other vital commodities from Russia.
India and China, which together account for about 70% of Russian energy exports, would be among the most significantly impacted. Other nations importing Russian energy and uranium could also face penalties.
Politico suggests that imposing 500% tariffs on Chinese goods could lead to increased consumer prices, disrupt supply chains, and potentially cause a recession-level rise in US unemployment.
The sanctions could inadvertently target the US, as it relies on enriched uranium imports from Russia for its nuclear power sector. The article suggests the move could effectively isolate the US from many major global economies, including European allies.
Senator Rand Paul argued in Responsible Statecraft that the bill “essentially amounts to an embargo” and could lead to “economic calamity on a scale never before seen in our country.” He believes such harsh measures are unlikely to alter Russia’s strategic goals and will only further entrench the US in a “failing” foreign policy.
Introduced in early April by a bipartisan group of senators, including Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal, the bill includes 500% tariffs and secondary sanctions on countries maintaining commercial ties with Russia.
Graham has proposed amendments to exempt countries providing military aid to Ukraine from the tariffs, potentially shielding 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 denounced Western sanctions as illegal and ineffective in causing lasting economic damage.
President Vladimir Putin stated in March that 28,595 sanctions had been imposed on Russian entities and individuals in recent years, surpassing the total number imposed on all other countries combined. He claimed the West aimed to eliminate Russia as a competitor, but its economy has become more resilient under pressure.
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