Bennet, Colleagues Announce Legislation to Hold Purchasers of Russian Oil Accountable

Jul 21, 2026 | Press Releases

Washington, D.C. - Colorado U.S. Senator Michael Bennet, a member of the Senate Select Committee on Intelligence, joined a bipartisan group of over 60 colleagues led by Senator Richard Blumenthal (D-Conn.) and Darline Graham (R-S.C.) to introduce legislation negotiated with the late Senator Lindsey Graham (R-S.C.) and the White House to hold major purchasers of Russian oil and gas accountable for supporting Russia's war in Ukraine. Bennet has supported a version of this legislation for over a year.

The Lindsey O. Graham Sanctioning Russia Act of 2026 would impose sanctions on Vladimir Putin's inner circle and his enablers across Russian industry and financial institutions, the Russian shadow fleet, and firms providing certain goods and services to Russia's defense industrial base. The legislation also authorizes the President to impose tariffs on goods from countries that buy the majority of Russian oil and gas, or help Russia evade sanctions. The negotiated text narrows that authority to the five largest importers of Russian crude oil and gas and major sanctions evaders.

"For over four years, the Ukrainian people have shown us what it looks like to fight and die for democracy, for their country, and for the West. Their courage in the face of Vladimir Putin's war offers the greatest example of how to fight back against authoritarian aggression. Amid Putin's intransigence at the negotiating table and daily attacks on civilians across Ukraine, Congress must make Russia pay a further price," said Bennet. "This bill will impose greater pressure on Putin to end his unprovoked war, especially as Ukraine makes progress on the battlefield and as the Russian economy struggles under the weight of U.S. and allied measures. Only by demonstrating our firm resolve can the United States and our allies support Ukraine's pursuit of a just and durable end to this war and successfully defend the principle of a Europe whole, free, and at peace. Backing Ukraine today will be our best deterrence against authoritarian ambitions tomorrow."

Over 60 senators support the bill, including Senate Majority Leader John Thune (R-S.D.); Democratic Whip Dick Durbin (D-IL), Co-Chair of the Senate Ukraine Caucus; Jim Risch (R-Idaho) and Jeanne Shaheen (D-N.H.), the Chairman and Ranking Member of the Senate Foreign Relations Committee; and Roger Wicker (R-Miss.) and Jack Reed (D-R.I.), the Chairman and Ranking Member of the Senate Armed Services Committee.

Bennet has staunchly supported the Ukrainian people since Putin launched his unprovoked full-scale invasion of Ukraine in February 2022.

He leads legislation in both the Senate committee-passed defense and intelligence bills to bolster drone and intelligence cooperation with Ukraine. Bennet also co-sponsors the bipartisan SHADOW Fleets Act to target a collection of older, reflagged oil tankers that Russia uses to circumvent existing U.S. sanctions on Russian oil and energy revenue and the bipartisan DROP Act, legislation requiring targeted sanctions on firms and individuals dealing in Russian oil. Additionally, in May 2026, Bennet led 14 Senate colleagues to urge Secretary of the Treasury Scott Bessent to fully resume sanctions on Russian oil and use every available tool to cut into Russia's war windfall profits.

Earlier this year, Bennet wrote an op-ed in EURACTIV - a leading European outlet - urging the United States and like-minded allies to form a coalition to cooperatively and immediately use Russian sovereign assets on Ukraine's behalf. In December 2025, Bennet led a bipartisan letter to Belgian Ambassador to the U.S. Frédéric Bernard expressing support for European Commission efforts to leverage Russian sovereign assets to finance a loan for Ukraine. Bennet co-sponsors bipartisan legislation to repurpose frozen Russian sovereign assets held in the United States to support Ukraine. The legislation would build on the Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act, which Bennet co-sponsored and which President Joe Biden signed into law in April 2024.

Bennet played a leading role in securing the April 2024 passage of the national security supplemental package, which included $60.84 billion in emergency support for Ukraine, including by objecting and holding must-pass measures through 2023 and 2024.

The text of the bill is available HERE.

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