President Trump has given the green light to bipartisan legislation that aims to squeeze countries still buying Russian oil, according to Sen. Lindsey Graham (R-S.C.), who's leading the charge on the bill.

Senate Vote On The Horizon

After meeting with Trump on Wednesday, Graham announced the Senate could vote on these new sanctions as soon as next week. The goal? Give Trump serious leverage to pressure major buyers like China, India, and Brazil into dropping their purchases of discounted Russian crude that's bankrolling Russia's war effort in Ukraine.

"This bill will allow President Trump to punish those countries who buy cheap Russian oil fueling Putin's war machine," Graham explained.

The legislation, co-authored with Sen. Richard Blumenthal (D-Conn.), takes an aggressive approach: a 500% tariff on any country purchasing Russian oil. It's essentially forcing these nations to pick a side—either keep access to U.S. markets or continue funding Russia. The bill also positions tariffs as a revenue generator, fitting neatly into America First economic policy.

Pressure Already Building

This isn't coming out of nowhere. Back in July 2025, Graham warned China, India, and Brazil that continuing to buy Russian oil would come with serious economic pain.

The U.S. has already cranked tariffs on India up to 50% and slapped sanctions on Rosneft and Lukoil, two of Russia's oil giants. India seems to be getting the message—Reliance Industries, controlled by India's wealthiest individual, shelved a decade-long Russian oil import deal in November, likely responding to U.S. political pressure.

Meanwhile, there are reports that Chevron (CVX) and Quantum Capital Group are preparing a $22 billion bid for Lukoil's international assets, suggesting the global oil market could be headed for a significant reshuffling.