This month, the U.S. Senate sent a message to Russian dictator Vladimir Putin. In an overwhelming, 86-11 vote, we passed a bill that would hit Putin with new economic punishments. The legislation, called the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, would help drain Putin’s bank account and weaken his ability to wage war and attack our allies.
Russian Energy Funds Putin’s Crimes
It is expensive to wage war, but Putin has been finding the money in the Russian energy industry. Russia produces vast amounts of oil and gas. Putin sells these assets to other nations and uses the income to build armies and weapons. When Russia sends a ballistic missile into a residential neighborhood, Putin is to blame, but his energy customers paid the bill.
Both President Trump and Ukrainian President Zelensky have offered Russia many chances to make peace. Each time, the Russian dictator has refused. Instead of ending the war, Putin has escalated. July 2026 was the deadliest month since April 2022 for Ukrainian civilians.
Throttle Putin’s Bank Account
Putin will continue to assault Ukraine for as long as he can afford it. The Graham Act will help force Putin to reassess what he can accomplish on the battlefield. It may even lead him to end his aggression.
When Putin launched his full-scale invasion of Ukraine in 2022, the Western world imposed heavy sanctions on Russia’s oil and gas sales. Sanctions limit economic activity. They keep bad actors from accessing banks or payment technologies. In other words, we punished Putin’s illegal behavior by limiting the profits he could make doing business in the free world.
The 2026 sanctions bill would up the ante on those original penalties. It would impose sanctions on Putin, his inner circle, and foreign companies that work with Russia’s military industry. No one should be able to profit from working with these war criminals. The legislation specifically targets Chinese support for Russia’s weapons producers.
The bill would allow the president to levy punishing sanctions against the top five purchasers of Russian oil and gas: China, India, Slovakia, Hungary, and Azerbaijan. Doing so would hold them accountable for funding Vladimir Putin’s war machine.
The measure would address loopholes Putin has found in our original sanctions. For years, we have restricted Russia’s oil shipping vessels, but Putin has evaded those sanctions, sometimes sending ships to market under another country’s flag. The new sanctions legislation equips the president to go after this Russian “shadow fleet.”
It is worth noting that the legislation also would give President Trump more leverage over Iran. It extends the Iran Sanctions Act of 1996, showing that Congress stands resolutely against the regime in Tehran.
A Must-Pass Bill
Very few bills pass the U.S. Senate with as many votes as the Graham Act. The legislation enjoys bipartisan, bicameral support, and the U.S. House of Representatives should pass it when members return to session. The president is ready to sign the bill.
We really have no time to waste. Putin is not winning the war in Ukraine, and that failure is causing him to escalate assaults on civilians and to violate the territory of allies we are treaty bound to defend. Putin understands only strength. The free world must stand up to him. One way is to hit him in one of the key places he can feel pain: his bank account.
###
