The US Senate has overwhelmingly approved a sweeping package of sanctions against Russia, aiming to significantly curtail Moscow's energy revenues and tighten economic pressure.

The new measures target Russian officials, oligarchs, and financial institutions, alongside the so-called "shadow fleet" of vessels reportedly used to bypass existing restrictions on Russian oil exports.

Crucially, the legislation grants President Donald Trump the authority to impose tariffs of up to 500 per cent on Russian imports, including vital gas and oil supplies.

Bill Named for Graham Targets Oil Evasion

Named after Republican Senator Lindsey Graham, the bill garnered substantial bipartisan support, passing with a wide margin in the Senate this week.

The legislative push comes after years of international efforts to curb Russia's financial capabilities, particularly its vast energy sector, which has been instrumental in funding its military and government operations. The "shadow fleet" has been a consistent challenge for countries seeking to enforce sanctions.

Previous rounds of sanctions have sought to limit Russia's access to Western financial markets and technologies, but the reliance on energy exports has allowed Moscow to cushion the economic blows.

Economic Shocks Expected as Bill Heads to President

Analysts anticipate significant economic shocks for Russia should President Trump utilise the full extent of the tariff powers granted by the bill. Such tariffs could dramatically increase the cost of Russian energy and other goods in the US market, severely impacting export revenues.

The bill now proceeds to President Trump's desk for signature. Given the overwhelming bipartisan consensus in Congress, the legislation is widely expected to be signed into law.