Investing.com -- A bipartisan group of senators announced a deal Tuesday on legislation that would allow President Donald Trump to impose additional restrictions on major buyers of Russian energy and Iran.

Trump has signaled support for the measure, which was championed by the late Senator Lindsey Graham. A procedural vote is scheduled for late Tuesday.

The bill extends penalties on Iran and targets Russian gas and oil exports. It also empowers the president to impose tariffs on the top five buyers of Russian crude and natural gas, as well as the top five countries helping Russia evade energy sanctions, according to text released Tuesday.

Some Democratic lawmakers oppose the bill, warning Trump could use it as legal justification for broad new tariffs.

Trump is scheduled to meet Ukrainian President Volodymyr Zelenskyy at the White House Tuesday. Zelenskyy will meet legislators at the Capitol later in the day.

The bill has a strong chance of passing the Senate this week. The House has left for its August recess, meaning the bill would not become law until September at the earliest.

The legislation extends the Iran Sanctions Act of 1996 through 2031, preventing a potential lapse in authority. That law imposes secondary economic sanctions on non-US companies doing business with Iran and was set to expire this year.

The bill allows the president to impose a blanket tariff of 500% on Russian goods imported to the US and an additional 100% tariff on the top five energy importers and countries that import Russian crude oil or natural gas, or that facilitate sanctions evasion.

A last-minute change to the bill this week limits the new tariff authority to five years.

The White House has previously imposed sanctions on Russia but granted temporary waivers for oil sales after the closing of the Strait of Hormuz during the war with Iran triggered a global oil market squeeze. Those waivers expired last month.