Donald Trump waives sanctions and tariffs on purchase of Russian oil and gas

U.S. President Donald Trump has issued a waiver from sanctions, restrictions, and duties concerning the purchase of Russian oil and gas, citing national interest. The announcement was made in Washington following an executive order issued on a Friday night.

Mr. Trump stated that he submitted a certification to Congress confirming that issuing this waiver is in the national interest of the United States. The action utilizes Section 115 of the Lindsey O Graham Sanctioning Russia and Iran Act, which was passed by the U.S. Congress on September 16 and signed into law by Mr. Trump two days later. The Graham Act originally empowered the U.S. President to impose sweeping sanctions and steep tariffs of up to 100% within 30 days on major purchasers of Russian crude oil or natural gas, including nations like China and India.

The surprise decision follows a deal struck by President Trump with Russia for the supply of diesel to the U.S. and global markets, and occurs days ahead of U.S. Secretary of State Marco Rubio’s visit to India. Previously, External Affairs Minister S. Jaishankar raised concerns about the Graham Act during a meeting with Mr. Rubio at the UN General Assembly in New York, explaining that Indian oil refineries rely on Russian crude to keep the economy running due to supply hits in West Asia caused by the Iran war.