The Democrats in the US Senate are expected to present a new sanctions bill on Wednesday targeting Russia, according to reports, which would inflict “severe costs” on the country’s economy.
The move comes amid growing tensions between Moscow and Washington over Ukraine.
Under the bill, sweeping sanctions would be imposed on top Russian military and civilian officials, including President Vladimir Putin as well as key banking institutions, if Moscow engages in hostilities against Ukraine, Washington Post reported.
It also includes provisions to help strengthen Ukraine’s security and encourages the Joe Biden administration to “consider all available and appropriate measures” to ensure the Nord Stream 2 pipeline does not get up and running, the report said.
The bill would also target companies in Russia that offer secure messaging systems, such as SWIFT, which banks use to exchange key information with other financial institutions, the report noted.
The bill to be tabled on Wednesday by the senate foreign relations committee chairman Robert Menendez has already been endorsed by two dozen Senate Democrats, including Majority Leader Chuck Schumer. The bill has the full backing of the White House.
Senate Foreign Relations Chairman Bob Menendez has officially introduced his White House-backed Russia sanctions bill, which will give Democrats some political cover to vote against Ted Cruz’s Nord Stream 2 sanctions bill.
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