The U.S. House of Representatives approved a bill imposing sanctions on Russia and Iran on September 16. The vote was 262 to 159. The legislation will now be sent to President Donald Trump for signature.

The final title of the bill is the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The Senate approved the agreed version on August 7 by a vote of 86 to 11. The White House formally endorsed the bill on July 28 and said presidential advisers would recommend that Trump sign it.

For the oil and gas industry, the bill’s key provision is a mechanism for secondary tariffs. The U.S. president would be authorized to impose tariffs of up to 100% on the five largest buyers of Russian oil and gas, as well as on five countries that Washington considers to be among the most active in helping Moscow circumvent energy sanctions. An exemption is предусмотрено for gas buyers: tariffs may be waived if a country accounts for less than 15% of Russian gas exports and is taking steps to reduce its purchases. Direct tariffs on Russian goods could reach 500% — a provision retained from the original 2025 version of the bill — although the mandatory nature of secondary tariffs has been softened.

In addition to tariff powers, the bill provides for mandatory sanctions against senior Russian political and military officials, oligarchs, state-owned companies and foreign firms working with Russia’s defense industry. Separate measures target the financial sector, including the Central Bank of Russia, Sberbank, VTB and Gazprombank, as well as vessels of the “shadow fleet” transporting Russian oil in circumvention of restrictions. The legislation also extends U.S. sanctions against Iran for another five years, from the end of 2026 through 2031.

For Russian oil and gas companies, the bill means that export restrictions would remain in place and could potentially be expanded. If Trump signs the legislation, the main markets for Russian oil and gas would remain countries willing to risk access to the U.S. market. China and India, which increased purchases of Russian commodities to record levels in 2026, would face a choice between relatively inexpensive Russian oil and tariffs on their exports to the United States.