Congress Pushes Russia Sanctions Bill This Summer as Dollar Supremacy Fears Grow
Updated
Updated · The New York Times · Jul 18
Congress Pushes Russia Sanctions Bill This Summer as Dollar Supremacy Fears Grow
3 articles · Updated · The New York Times · Jul 18
Summary
Bipartisan lawmakers say a Russia sanctions bill could become law this summer, forcing the Trump administration to weigh tougher financial pressure against broader strategic risks.
The measure would make sanctions on Russia and its allies mandatory and could extend penalties to buyers of Russian energy through tariffs, with the White House saying the scope might also widen to Iran and Hezbollah.
That push lands as the administration is overhauling sanctions policy, arguing heavy reliance on financial warfare can weaken U.S. statecraft and encourage workarounds to the dollar-based system.
Treasury has recently trimmed sanctions lists and the U.S. has eased or exempted some restrictions on Venezuela, Russian and Iranian oil, and Turkey, reflecting a more selective approach.
At stake is the dollar’s central role in global finance, which gives U.S. sanctions their bite but is increasingly challenged by wider use of China’s renminbi and cryptocurrencies.