The legislation could target any nation maintaining trade with the country, according to the president

US Republicans are drafting legislation to sanction any country that trades with Russia, President Donald Trump has announced.

Since the escalation of the Ukrainian conflict, the US and its allies have imposed unprecedented sanctions on Russia, aiming to cripple its economy. Moscow has repeatedly condemned the restrictions as counterproductive and illegal, claiming they backfire on those who impose them. Russia maintains that its economy has adapted by redirecting trade to non-Western markets. "The Republicans are putting in legislation that is very tough sanctioning, et cetera, on any country doing business with Russia," Trump told reporters on Sunday.

"I hear they're doing that, and that's okay with me." He added, "They may add Iran to that. I suggested it."

Senate Majority Leader John Thune indicated last month that he was prepared to bring to a vote legislation long advocated by hawkish Senator Lindsey Graham to impose "crushing sanctions" on Russia, though he hesitated to set a firm deadline.

The bill would empower Trump to impose tariffs of up to 500% on imports from countries purchasing Russian oil, gas, uranium, and other products if Russia does not agree to a lasting peace with Ukraine. The bill is specifically targeting China and India - major consumers of Russian energy.

Earlier this year, Trump announced a 25% tariff on India as a penalty for its purchases of Russian oil, claiming the trade was helping Moscow prolong the conflict.

The upcoming legislation would expand on a series of restrictions implemented by the Trump administration in recent months. Last month, the White House sanctioned Lukoil and another major Russian oil producer, Rosneft, as well as their subsidiaries, citing what Trump called a lack of commitment to the Ukraine peace process on the part of Moscow.

The Russian Finance Ministry stated earlier that in the event of "crushing sanctions" being introduced, Russia would diversify supplies of goods prohibited from export to the US.

(RT.com)