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ARTICLE · 11 AUGUST 2026

Weekly Sanctions Update: August 10, 2026

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The US Senate has passed sweeping sanctions legislation targeting Russia and Iran with bipartisan support, while global enforcement actions intensify across multiple jurisdictions. New measures include expanded presidential tariff authorities, designations of Iran-linked financial networks and cryptocurrency exchanges, and coordinated UK-EU actions against Russia's military supply chains and shadow fleet operations.

GlobalGovernment, Public Sector
Steptoe LLP
Steptoe LLP

US Developments

Senate Passes Lindsey O. Graham Sanctioning Russia and Iran Act of 2026

On August 7, the US Senate passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by a bipartisan vote of 86-11. The bill, previously known as the Sanctioning Russia Act of 2026, now moves to the House of Representatives, which is in recess until September.

Originally introduced in April 2025, the legislation gained momentum after President Donald Trump signaled support last November, subject to him gaining new tariff authorities and retaining flexibility over the imposition of sanctions. We covered several of the most notable revisions included in the July 16, 2026 version of the bill in a prior update. The version passed by the Senate grants the President waiver authority in relation to the Russia-related sanctions, and authorizes the President to impose tariffs of up to 100 percent on the largest purchasers of Russian oil and natural gas, as well as countries facilitating

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