Spearheaded by Senators Joni Ernst and Richard Blumenthal, the legislation aims to create a dedicated fund for enforcing sanctions on oil vessels.

The bill establishes a Russian Sanctions Enforcement Fund at the US Treasury, with an initial allocation of $150 million for the year 2025.

Senator Ernst emphasized the bill's importance in disrupting Russia's actions and supporting efforts against Iranian oil smuggling, while also enhancing intelligence sharing for law enforcement.

Senator Blumenthal highlighted that the measure would strengthen export controls on illicit trade networks.

While the future of the bill in Congress remains uncertain, there is notable bipartisan support for measures addressing both Russia and Iran.

The 'ghost fleet' is known for transporting Russian oil to countries like China and India, successfully avoiding sanctions, particularly when oil prices are below $60 per barrel.

Under this bill, any oil seized by the US would be sold, with proceeds exceeding a certain threshold allocated to help reduce the national debt, which currently stands at $36 trillion.

A bipartisan bill introduced today seeks to fund enforcement against Russia's 'ghost fleet' of oil tankers, which are used to circumvent sanctions related to the ongoing Ukraine war.