Trump waives new Russia sanctions and tariffs under Graham Act, citing national interest

• The waived sanctions would have targeted the five largest importers of Russian crude oil or gas with up to 100% tariffs within 30 days of enactment
• Major buyers like China and India had raised concerns about the legislation, with Beijing opposing 'long-arm jurisdiction' and India warning of impacts on bilateral ties
• Democrats and some Republicans criticized the waiver as a 'surrender to Putin' that betrays Ukraine and follows Trump's recent diesel deal with Russia

Summary

Key Development:

President Trump waived Russia-related sanctions and tariffs under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which he signed in mid-September. The waiver was issued Friday via executive order, citing U.S. national interests, just days before the measures were set to take effect.

Sanctions Details:

The legislation would have imposed tariffs up to 100% within 30 days on goods from the five largest importers of Russian crude oil or gas, as well as penalties on countries purchasing Russian energy or helping Russia evade sanctions. The law was designed to increase pressure on Russia over its 2022 invasion of Ukraine.

Market and Political Context:

• The waiver comes weeks before U.S. midterm elections, where Republicans face a tight battle to maintain congressional control
• Analysts suggested the sanctions could have further increased inflation amid existing concerns about tariff-related price pressures on American consumers
• Major Russian oil buyers China and India had expressed concerns about the sanctions bill
• Beijing opposed the "long-arm jurisdiction," while India warned of potential impacts on bilateral relations

Political Reactions:

Representative Don Beyer (D-VA) criticized Trump for "surrendering to Putin" and betraying Ukrainian partners. The move follows Trump's recent warming toward Russia, public criticism of Ukrainian President Zelenskyy, and a controversial diesel deal with Russia that drew bipartisan criticism for potentially funding Russia's war efforts.

Duration:

The waiver remains in effect until Trump or senior officials determine "further action is appropriate." The law permits presidential waivers when deemed not in national interest.