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Trump waives Graham Act tariffs on Russian oil buyers
In brief
President Donald Trump signed an executive order on Friday, October 16, that waives the new tariffs and most of the new sanctions in the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The order came two days before the law's implementation deadline, CNBC reported, and leaves sanctions from earlier executive orders in place.
What the law required
Trump signed the act on September 18, according to the White House. As written, it raised the duty on goods from Russia by 500 per cent. It also set a 100 per cent extra duty on goods from the five largest importers of Russian crude oil and natural gas if they knowingly made new purchases on or after October 18, and the same rate for the five countries judged to be the biggest helpers of Russian oil sanctions evasion. CNBC said China and India are among the top buyers of Russian crude or gas.
What the order does
Using section 115 of the act, which lets the president waive its measures if he tells Congress it is in the national interest, the order waives the duties in sections 112 and 113 and a long list of sanctions provisions. The waivers stay in force until the president or the Secretary of State decides further action is needed. The U.S. Trade Representative must keep tracking who buys Russian oil and gas and report back.
Reaction
Kirill Dmitriev, Vladimir Putin's economy envoy, called the move historic, while Democratic Senator Richard Blumenthal, who helped draft the act, condemned it, CNBC reported. The waiver follows a separate temporary easing of sanctions on Russian diesel exports a week earlier.
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Why it matters
For India and other big buyers of Russian energy, the order removes the threat of an extra 100 per cent U.S. tariff for now. Because the waiver can be withdrawn at any time and the law itself stays on the books, the risk has been paused rather than removed.
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Sources
- The White House: Implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026
- CNBC: Trump waives broad new Russia sanctions and tariffs under Graham Act, citing national interest
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