H.R. 5334

Lindsey O. Graham Sanctioning Russia and Iran Act of 2026

Sponsor: Jimmy Panetta · 23 cosponsors

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Official summary

Written by the Congressional Research Service.

Lindsey O. Graham Sanctioning Russia and Iran Act of 2026

This bill imposes a variety of sanctions, tariffs, and prohibitions related to Russia, extends an Iran-related sanctions law, and expands a tax deduction for teacher expenses to include early childhood educators.

For example, under the bill, the President must impose visa- and property-blocking sanctions on specified persons (individuals and entities) such as the Russian president and certain Russian military commanders. The President must also increase the rate of duty up to 100% ad valorem (i.e., relative to the value) on all goods imported into the United States from a country that was among the five largest importers of Russian-origin crude oil or natural gas if such country knowingly makes new purchases of such products after enactment of the bill.

The bill prohibits (1) the export, reexport, or in-country transfer to or in Russia of any U.S.-produced energy or energy product; (2) U.S. persons from making new investments in Russia or purchasing Russian sovereign debt; and (3) trading the securities of Russian government-owned, -controlled, or -affiliated entities on U.S. national securities exchanges.

The bill extends through 2031 the Iran Sanctions Act of 1996, which requires the President, with some exceptions, to impose sanctions on certain persons engaged in specified transactions related to Iran's energy sector or Iran's efforts to acquire or develop certain weapons.

The bill expands eligibility for federal tax deductions of certain educator expenses to early childhood educators providing educational or childcare services to those under age 6.

Text of the bill

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A Lindsey O. Graham Sanctioning Russia and Iran Act of 2026

I Sanctions with respect to the Russian Federation

Sec. 110. Prohibition on provision of services to sanctioned financial institutions by international financial messaging systems Added Aug 7

Where this section came from

Not in the first version (Introduced in House, Sep 11).

  1. Aug 7, 2026 · Engrossed Amendment Senate On Cloture on the Motion to Proceed — Cloture on the Motion to Proceed Agreed to, 86–12 · Roll Call 212On the Motion to Proceed — Motion to Proceed Agreed to, 84–12 · Roll Call 213On the Amendment — Amendment Rejected, 32–64 · Roll Call 223On Passage of the Bill — Bill Passed, 86–11 · Roll Call 224

(a) In general. Not later than 30 days after the date of the enactment of this Act, and every 180 days thereafter, the President shall—

(1) review any person that may be described in subsection (b); and

(2) impose sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect to any person the President determines is described in that subsection.

(b) Persons described. A person described in this subsection is—

(1) any entity that—

(A) operates with the intent to predominantly engage in the business of providing global financial messaging services; and

(B) is determined by the Secretary of the Treasury, in consultation with the Secretary of State, as knowingly being used to circumvent any sanctions imposed under section 103 or any other provision of this title; or

(2) a leader, official, senior executive officer, or member of the board of directors of, or principal shareholder with a controlling or majority interest in, any entity described in paragraph (1).

(c) Exception. The President may waive the imposition of sanctions under subsection (a) with respect to an entity predominantly engaged in the business of providing global financial messaging services for, directly providing such services to, or enabling or facilitating direct or indirect access to such services for, any financial institution subject to sanctions under section 103 or any other provision of this title if—

(1) the entity—

(A) is subject to a sanctions regime under its governing foreign law that requires it to eliminate the knowing provision of such services to, and the knowing enabling and facilitation of direct or indirect access to such services for, foreign financial institutions identified under such governing foreign law for purposes of that sanctions regime if the President determines that the sanctions regime under governing foreign law is not inconsistent with the economic or foreign policy interests of the United States; and

(B) has, pursuant to that sanctions regime, terminated the knowing provision of such services to, and the knowing enabling and facilitation of direct or indirect access to such services for, foreign financial institutions identified under such governing foreign law for purposes of that sanctions regime; or

(2) the entity provides significant financial messaging services to United States financial institutions, as determined by the Secretary of the Treasury, in consultation with the Secretary of State.

(d) Rule of construction. Nothing in this section shall be construed to limit the authority of the President pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).

II Other matters

B Supporting Early-childhood Educators’ Deductions