Rep. Panetta Authored and Introduced Expanding Trade Sanctions on Russia Act to Squeeze Russian Economy and Stop Its War on Ukraine

Press Release

Today, Reps. Jimmy Panetta (D-CA) and Tom Rice (R-SC) introduced the Expanding Trade Sanctions on Russia Act. This bipartisan legislation would embargo additional products imported from Russia, including all items with over $50 million in 2021 import value. Moreover, the legislation does not include already embargoed goods and fertilizer inputs. As a member of the House Committee on Ways and Means, Rep. Panetta previously supported the Ending Importation of Russian Oil Act which was signed into law and bans fossil fuel imports from Russia.

"As the war in Ukraine drags on, it is quickly becoming a war of attrition," said Rep. Panetta. "That is why the United States must continue to lead by severing as many possible economic ties with Russia in order to constrain its economy. This bipartisan legislation would help bleed Russian of its resources it is using to wage its unjust and unprovoked war on the nation and people of Ukraine."

"Russia's crimes in Ukraine continue to shock the world," said Rep. Rice. "The United Stares must build upon it's to work to degrade Russia's ability to continue this unjust, criminal war. This bipartisan bill is another step to denying Putin the funds he needs to further terrorize Ukraine."

If the bill becomes law, the embargoes would go into effect 15 days thereafter. President Biden may waive the embargo for a specific product if the President submits to Congress a certification that such waiver is in the national interest of the United States. The President may terminate this prohibition, subject to congressional disapproval, if the President certifies that:

- Russia has reached an agreement to withdraw forces and cease military hostilities in Ukraine.
- Russia poses no immediate military threat of aggression to any North Atlantic Treaty Organization member.
- Russia recognizes the right of the Ukrainian people to independently and freely choose their own government.

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