The legislation contains a 500% tariff on nations trading with Moscow

US President Donald Trump is ready to sign a bill aimed at eliminating Russia's trade under certain conditions, Politico reported on Wednesday, citing a senior administration official.

If adopted, the "bone-crushing" legislation spearheaded by hawkish Senator Lindsey Graham would impose a 500% tariff on countries buying oil, gas, uranium, and other goods from Russia. Although the bill grants the president the power to exempt nations from the tariff for up to 180 days, Trump reportedly wants Congress to give him sole authority to decide on the sanctions.

"The administration is not going to be micromanaged by the Congress on the president's foreign policy. The bill needs a waiver authority that is complete," an official told Politico. The source added that otherwise, "conceptually there's an openness" to signing the legislation.

Graham said on Tuesday that the Senate would soon vote on the draft. "The Senate bill has a presidential waiver to give President Trump maximum leverage," he wrote on X. According to The New York Times, the vote could take place as soon as this month.

The push for tougher sanctions has gained momentum after Trump stepped up criticism of Russian President Vladimir Putin, as restarted negotiations between Moscow and Kiev have so far failed to produce a ceasefire.

Moscow has insisted that any lasting settlement must address the "root causes" of the conflict, including NATO's eastward expansion and Ukraine's aspirations to join the US-led alliance, which Russia views as a threat to its national security.

"We don't need a pause, which the regime in Kiev and its foreign handlers would like to use to regroup their forces, continue mobilization, and strengthen their military potential," Russian Foreign Minister Sergey Lavrov told Hungarian newspaper Magyar Nemzet on Monday.

Putin has demanded that Ukraine recognize Russia's new borders and adopt permanent neutrality with a legally limited army. Lavrov said this week that Moscow is working to arrange a third round of direct talks with Ukraine in Trkiye.