Russia trade bill hits Senate snag over inclusion of oil ban

Negotiations on a bill that would end normal trade relations with Russia, the latest effort to hit Moscow economically following its invasion of Ukraine, have hit a slowdown in the U.S. Senate that threatens to push final passage into next week.

Senate Majority Leader Chuck Schumer said Tuesday he wants the legislation that would revoke Russia’s favored trade status and allow the U.S. to raise tariffs on Russian exports to pass the Senate this week. But that timeline could slip if Democrats can’t cut a deal with Republicans over whether to include a ban on Russian oil imports.

Adding that measure would require the House to again vote on the bill before it could be sent to President Joe Biden for his signature. The House, which passed the legislation last week, isn’t in session to vote this week.

“I hope we can move this quickly this week,” Schumer said.

Some Democrats have argued that oil ban legislation isn’t necessary because Biden already prohibited crude imports through executive action. Republicans, including Mike Crapo, the top Republican on the Senate Finance Committee, said legislation is crucial because it would codify standards for resuming oil imports and also let Congress serve as a check on any administration effort to resume importing Russian oil.

Crapo said he would block Democrats’ attempts to fast-track the bill through the Senate if they were to proceed without including the oil ban.

Senate Finance Committee Chairman Ron Wyden said Tuesday he is in talks with both Schumer and Crapo to resolve the issues. Crapo said he also hopes a deal could be reached “soon.”.