Oligarchs, Corporations Would Lose Tax Perks in Bipartisan Bill

Sanctioned Russian oligarchs and U.S. companies that pay taxes to Moscow would lose some of their American tax benefits under a new bill authored by two senators.

The legislation, sponsored by Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, and Senator Rob Portman, an Ohio Republican, would deny tax credits and deductions to companies that continue to operate in Russia and Belarus, according to a draft released Thursday. The bill is the latest effort in Congress to punish Russian President Vladimir Putin and his allies for the invasion of Ukraine.

“If companies choose to keep doing business ...