The legislation, which would allow the president to levy a 500% tariff on imports from countries that purchase Russian uranium, gas and oil, has gained momentum in the Senate as Trump has signaled he will escalate US action against Russia.

Ukraine, Russia, and much of the rest of the world are awaiting a planned “major statement” on the conflict by US President Donald Trump amid a flurry of diplomatic activity from Washington to Kyiv.

Oil prices nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.