President Donald Trump is backing a revised version of the late Senator Lindsey Graham’s Russia sanctions bill, legislation designed to impose tariffs of at least 500% on countries buying Russian energy. According to a report by CNN on Monday, the White House confirmed its support for the measure, known as the Sanctioning Russia Act of 2025. The bill mandates sanctions if Russia refuses to negotiate peace with Ukraine, violates a deal, launches another invasion, or attempts to subvert Ukraine’s government.

The proposed legislation would raise duties to at least 500% on Russian imports and on goods from countries that knowingly engage in the exchange of Russian-origin uranium and petroleum products. Congress stated that the measure aims to exact a heavy price on those who buy Russian oil and natural gas, thereby fueling the Putin war machine.

Senators Push Sanctions Measure

The push for the bill follows a July 10 announcement from Senators Jeanne Shaheen (D-N.H.), Richard Blumenthal (D-Conn.), and Roger Wicker (R-Miss.). The senators confirmed they had reached an agreement with the Trump administration to move the updated sanctions legislation forward. Trump had previously greenlit Graham’s 500% tariff plan, which specifically targets Russian oil buyers such as China, India, and Brazil.

Shaheen urged Congress to pass the measure following Graham’s sudden death, framing the legislation as a tribute to his work on Ukraine. "There can be no more fitting memorial to Lindsey, his legacy, or the causes he fought for, than to pass this legislation and realize his long-held dream of an independent and secure Ukraine," she said in a statement.

Key Provisions of the Bill

Succession and Next Steps

Graham had returned from Kyiv shortly before his death and stated that the White House deal meant the bill was likely to advance. "We’ve reached an agreement with the White House on a version of the Russian sanctions bill that they will support. It means it’s going to become law," Graham had said.

South Carolina Governor Henry McMaster appointed Graham’s sister, Darline Graham Nordone, as his temporary replacement in the Senate. A special GOP primary will be held to determine the party’s nominee for the full term.

Sen. Bernie Sanders highlighted a poll on Monday indicating that 69% of Americans support his legislative proposal to grant the public a 50% ownership stake in the country's largest AI companies. The independent Senator from Vermont argued that the economic gains generated by artificial intelligence should benefit the broader public rather than remain concentrated among a small group of tech companies and investors. The proposal aims to establish an American AI Sovereign Wealth Fund to hold these ownership stakes.

The poll, conducted by research firm Verasight in June, surveyed 1,690 U.S. adults. It found that nearly seven in 10 respondents support requiring AI companies such as OpenAI and Anthropic to transfer half of their stock into a public sovereign wealth fund. Sanders shared the results on social media, stating that the American people understand AI must work for everyone, not just enrich a handful of Big Tech billionaires.

American AI Sovereign Wealth Fund Act

Sanders introduced the American AI Sovereign Wealth Fund Act in June. The legislation proposes creating a public fund that holds a 50% ownership stake in the nation's largest AI companies. This structure is designed to allow Americans to share in the industry's long-term financial gains. The bill is a response to concerns that the wealth generated by rapid advancements in AI technology is accruing disproportionately to corporate entities and high-net-worth investors.

Employment and Economic Impact

The proposal emerges amid growing concerns regarding AI's impact on employment. Goldman Sachs Senior Global Economist Joseph Briggs has estimated that roughly 15 million U.S. workers, or about 9% of the labor force, could lose jobs during a decade-long AI transition. While Briggs expects AI to create new jobs over time, the potential for significant displacement has fueled the debate over how to manage the economic transition.

Research firm Windfall Trust suggested that sovereign wealth funds could help governments invest in AI infrastructure and capture economic gains for citizens. However, the firm also cautioned that such funds may face difficult trade-offs between maximizing investment returns and advancing national AI priorities.

Political Reactions

The plan has drawn criticism from some technology and political figures. David Sacks, former White House AI and Crypto Czar, criticized the proposal. Ripple Chief Technology Officer David Schwartz argued that the plan amounts to an attack on free speech.

Conversely, in June, Vice President JD Vance stated that President Donald Trump supports government ownership stakes in major AI companies through a sovereign wealth fund-style model. Elon Musk has suggested that direct cash payments to Americans would be a better approach than acquiring equity stakes.