Bennet Joins Legislation to Target Russian Oil Profits and Force Putin to the Negotiating Table

Mar 4, 2026| Press Releases

Washington, D.C.- Colorado U.S. Senator Michael Bennet, a member of the Senate Select Committee on Intelligence, joined U.S. Senators Dave McCormick (R-Pa.), Ranking Member of the Senate Banking Committee Elizabeth Warren (D-Mass.), Jon Husted (R-Ohio), Chris Coons (D-Del.), and John Curtis (R-Utah) on the Decreasing Russia Oil Profits (DROP) Act of 2025, legislation requiring targeted sanctions on firms and individuals dealing in Russian oil. The DROP Act fills a gap in the U.S. sanctions approach to Russian-origin oil - the most important source of revenue propping up Russian President Vladimir Putin's unjust and unprovoked full-scale war on Ukraine.

"The DROP Act is essential for imposing further pressure on Putin to compel him to end his war in Ukraine, especially as the Russian economy struggles under the weight of U.S., European, and other allied measures," said Bennet. "Amid Putin's intransigence at the negotiating table and his unrelenting barrage of attacks across Ukraine, including on civilians, Congress must make Russia pay a further price for its aggression - and clarify the long-term U.S. commitment to supporting Ukraine's sovereignty and security."

"Any nation or entity that buys Russian oil is actively funding Russia's aggression in Ukraine. Putin has demonstrated he is unserious about bringing this war against Ukraine to a close, and continuing to fuel the war machine should carry consequences," said McCormick. "This legislation establishes a framework to ostracize Russian petroleum while simultaneously supporting Ukraine."

"I'm proud to join my colleagues in sending a simple message: no matter how the Kremlin tries to reshuffle its exports to evade our measures, anyone who helps facilitate imports of Russian-origin oil risks losing access to the U.S. financial system," said Warren. "To achieve a just peace, we must demonstrate that the United States can sustainably drive up the costs for Russia as Putin continues his brutal war of choice."

"This bill sends a clear message to the world that there will be consequences for continuing to buy Russian oil. Congress will also no longer tolerate the hypocrisy of nations that condemn Vladimir Putin's actions on the world stage while funding his war machine through shady oil purchases. If our allies and trade partners want to purchase oil, they can buy American. For those countries that insist on buying Russian, this bill will encourage them to step up and provide support to Ukraine," said Husted.

"Putin will only stop when we stop him," said Coons. "He is using profits from Russian oil to fund a horrific war against Ukraine which has seen Russian torture and kill civilians, kidnap children, and threaten democracy. The brave Ukrainian forces are protecting freedom around the world, holding the line against Russia at incredible cost. If we really want to bring a lasting end to this war, it requires commitment to Ukraine and pressure on Russia. This bipartisan bill is a step in that direction: it will cut off Putin's lifelines by targeting the true buyers of Russian oil, bringing us closer to a fair and just peace."

In October 2025, the Trump Administration imposed sanctions on two major Russian oil companies; Bennet, who has long called for more pressure on Putin, supported those sanctions and noted they were "long-overdue." Russia is circumventing those designations by redirecting and relabeling its oil exports to obscure links to those two companies. Since January 2025, there has been a halt in regular U.S. counter-evasion sanctions against companies in China and other third countries that profit from and undermine U.S. and allied efforts to counter Russia's war machine.

The DROP Act would strengthen these sanctions to increase pressure on the Kremlin, an effort requiring increased urgency as Putin stands to benefit from elevated oil and gas prices stemming from the escalating conflict in the Middle East. Specifically, the bill would require targeted U.S. sanctions on purchasers, intermediaries, or anyone else dealing in Russian oil. The bill would allow the administration to choose up to two of four exception frameworks, which include:

1. Isolating and reducing Russian oil purchases. If a purchasing country agrees to pay Russia into an escrow account that isolates the funds, while significantly reducing its oil purchases from Russia over time, the administration could choose to not apply sanctions to firms and individuals facilitating imports to that purchasing country.
2. Generating revenue for Ukraine. If purchasers pay a fee into an account for Ukraine for every barrel of Russian oil they buy, the administration could choose to not apply sanctions on those firms and individuals facilitating such purchases.
3. Providing significant military or economic support for Ukraine. If a purchasing country's government provides significant military or economic support to Ukraine, the administration could choose to not apply sanctions to those firms and individuals facilitating imports to that purchasing country.
4. Temporary port-specific exception. Temporarily, the administration could choose to not implement mandatory sanctions related to oil exported from certain Russian ports, giving the administration flexibility to ramp up pressure over time as needed.

These exceptions do not apply to activities tied to above-G7 price cap purchases of Russian crude oil or refined petroleum products. Accordingly, the bill would create a mandatory sanctions criterion for anyone, anywhere who purchases or deals in Russian oil purchased above the G7 price cap.

Bennet has staunchly supported the Ukrainian people since Putin launched his unjustified, unprovoked, and unlawful full-scale invasion of Ukraine in February 2022.

In February 2026, Bennet joined Ranking Member of the Senate Foreign Relations Committee Senator Jeanne Shaheen (D-N.H.), Senator Thom Tillis (R-N.C.), and several other Senate colleagues to introduce a bipartisan resolution recognizing the fourth anniversary of Russia's invasion.

Throughout 2025, Bennet fought for his legislation ensuring intelligence support to Ukraine to be included in the Intelligence Authorization Act and National Defense Authorization Act.

In December 2025, Bennet led a bipartisan letter to Belgian Ambassador to the U.S. Frédéric Bernard expressing support for European Commission efforts to leverage Russian sovereign assets to finance a loan for Ukraine. Bennet is a co-sponsor of the REPO Implementation Act, bipartisan legislation to repurpose frozen Russian sovereign assets held in the United States to support Ukraine's fight against Russian aggression. The legislation would build on the Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act, which Bennet co-sponsored and which President Joe Biden signed into law in April 2024.

In February 2025, Bennet joined Shaheen and Tillis on a bipartisan congressional delegation to Kyiv, Ukraine. In September 2024, Bennet called on the Biden Administration to allow Ukraine to use Western-supplied weapons to strike military targets in Russia, which President Biden authorized weeks later. Bennet also visited Lviv, Ukraine with Senate Democratic Leader Chuck Schumer (D-N.Y.) and colleagues in early 2024.

Bennet played a leading role in securing the April 2024 passage of the national security supplemental package, which included $60.84 billion in emergency support for Ukraine, including by objecting and holding must-pass measures through 2023 and 2024.

The text of the bill is located HERE.

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