Days after signing an oil deal with Russia, US President Donald Trump announced a waiver of some key sanctions that were set to be imposed on Russia and its oil trade partners under the recently passed Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. In an executive order passed on Friday (October 16, 2026), Trump announced the waiver, conveying that it was in the national interest of the US.
“Section 115 of the Graham Act authorises the President to waive the application of any sanctions provision with respect to a foreign person, any restriction with respect to a person, and any duty under the Graham Act, subject to the submission to Congress of a written certification that such a waiver is in the national interests of the United States and a report explaining the basis for the certification,” the executive order read.
“As described further in section 4 of this order, I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act. I have submitted to Congress a certification that the issuance of such a waiver at this time is in the national interests of the United States,” the order stated.
The Graham Act, signed into law by the US President last month, was to take effect on Sunday (October 18, 2026). The Act empowered Trump to impose punitive tariffs on Russian products and those of the top 5 importer countries of Russian oil, which include India.
As per the executive order, the duties on goods from the Russian Federation that would have gone up by 500% had the law come into effect will be subject to the waiver. “The rate of duty on goods from the Russian Federation shall be increased by 500 per cent ad valorem, subject to the exceptions set forth in section 114 of the Graham Act and the waivers issued in section 4 of this order,” the order said.
Similarly, the US duties on goods from the largest 5 importers of Russian crude oil and natural gas, which would have increased by 100% under the operation of the Graham Act, will now be withheld under the waiver. “The rate of duty on goods from the largest 5 importers of crude oil and natural gas that originated in the Russian Federation shall be increased by 100 per cent ad valorem if the country knowingly makes new purchases of crude oil or natural gas that originated in the Russian Federation on or after October 18, 2026, subject to the exceptions set forth in section 114 of the Graham Act and the waivers issued in section 4 of this order,” it added.
Notably, the executive order brings relief to India, which was facing punitive US tariffs under the Graham Act, merely for fulfilling its energy requirements from Russia. Before the US itself signed a deal with Russia to purchase oil, Trump justified punitive tariffs on Russia trade partners like India, alleging that they were directly funding the Russia-Ukraine war.
Interestingly, the US signed an agreement with Russia to buy its oil despite stiff opposition and condemnation from Ukraine. The executive order does not cancel or waive any tariffs imposed on Russia, India, or any other Russian trade partners through earlier executive orders.
