“I think Ukraine’s doing an excellent job right now of putting economic pressure on Russia in ways that sanctions probably never will.”
The Graham sanctions bill could make existing U.S. measures against Russia harder to remove, accelerate action against shadow fleet vessels and authorize tariffs targeting major buyers of Russian oil.
But would it meaningfully reduce Moscow’s war revenue—or change Vladimir Putin’s behavior?
Philip Luck, director of the Economics Program at the Center for Strategic and International Studies and a former deputy chief economist at the U.S. Department of State, explains what the legislation would change, what it would leave to the executive branch and why enforcement may matter more than sanctions written into law.
He also discusses Russia’s sanctions-evasion networks, China’s role, the challenges facing neighboring countries and the economic pressure Ukraine is applying through strikes on Russian energy infrastructure.
The Senate passed the legislation 86-11. At the time of this interview, recorded on Aug. 18, 2026, the House had yet to act on the Senate-amended bill.
