The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 received endorsement from Nobel Prize-winning economist Simon Johnson and former economic adviser to Ukrainian President Volodymyr Zelenskyy, Oleg Ustenko, according to an Aug. 3 statement. The two economists authored an op-ed in Project Syndicate arguing that the bipartisan legislation would strengthen America’s negotiating position with Russian President Vladimir Putin.
Johnson, who is also the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the MIT Sloan School of Management and a former International Monetary Fund Chief Economist, joined Ustenko in stating: “[A] bipartisan group in the US Congress has done the hard work of making Trump’s task more straightforward. A proposed bill clearly identifies comprehensive ways to squeeze Russian export revenues, while also creating a well-targeted tariff authority to support those measures and ensure that they cannot hurt the US economy.” They described how the act focuses on targeting Russia’s oil and natural gas exports as a means to impact its ability to finance military operations.
The economists said, “[T]he Sanctioning Russia Act would be unlikely to affect the world price of oil, which is determined by the global balance of supply and demand, but it would reduce the price received by the Kremlin. A lower net price for its oil exports would throttle Russia’s ability to import electronics and other components for rockets, drones, and military equipment more generally. Without these inputs, its attacks on Ukraine would grind to a halt.” They further argued that passing this act is key for America: “If everything is a negotiation, as Trump says, the best way to prevail vis-à-vis Russian President Vladimir Putin is to strengthen America’s hand with credible threats and more leverage. And the best way to achieve this is to pass the Lindsey O. Graham Sanctioning Russia Act.”
The op-ed outlines three main components of the proposed legislation: mandatory sanctions on all Russian companies involved in exporting fossil fuels; enforcement against those dealing with so-called shadow fleets used for sanction evasion; and targeted tariffs on countries continuing significant purchases from Russia unless discounts are secured.
According to Johnson and Ustenko, “Ending Russia’s full-scale invasion of Ukraine would contribute to global economic stability, lower energy prices, and reduce living costs… This should be a no-brainer for any US leader.” The Senate Foreign Relations Committee plays a central role in developing U.S. foreign policy through examining treaties such as this one; it was established in 1816 as one of Senate’s original standing committees—has shaped policy through milestones like supporting measures including rejecting Treaty of Versailles (1919–1920), endorsing Truman Doctrine (1947), Marshall Plan (1948), designating majority/minority leadership roles among members—and continues today as part of legislative efforts focused on international relations, according to the official website.