Today, U.S. Senators Chris Van Hollen (D-Md.) and Pat Toomey (R-Pa.), both members of the Senate Banking, Housing, and Urban Affairs Committee, put forward a framework outlining new sanctions legislation to hold Russia accountable for its war against Ukraine. The Senators’ framework provides new sanctions authority to the Administration in its efforts to sever funding to Putin’s war machine.
“The U.S. and our allies have taken important steps to hold Russia accountable for its unprovoked war against Ukraine, including sanctions that have hit its economy and Putin’s cronies. However, we have yet to effectively cut off funding to Putin’s war machine by diminishing Russia’s revenues from energy sales. That’s why the Biden Administration’s initiative with the G7 to cap the price of Russian oil exports is crucial. In order to successfully enforce the price cap, it’s clear the administration requires new authority from Congress, which is exactly what our framework will provide. By imposing strong secondary sanctions, our framework also provides the administration with the tools needed to hold accountable the financial institutions supporting those countries involved in rampant war profiteering from Russian exports.
“The Ukrainian people have inspired the world in their fight for freedom and independence, and the sanctions framework we’re releasing today is a critical component in helping them defeat Russian aggression,” the Senators said.
The Senators’ framework follows:
Senators Van Hollen and Toomey previously worked together on North Korea sanctions legislation, the Otto Warmbier BRINK Act, which was signed into law in 2019, and legislation sanctioning those responsible for the crackdown on Hong Kong’s autonomy, the Hong Kong Autonomy Act, which was signed into law in 2020.