Trump waives Graham Act sanctions on Russia, lifting threat of tariffs on Russian oil buyers such as India

US President Donald Trump has waived almost all of the main sanctions and tariffs in a new law targeting Russia, two days before they were due to take effect on October 18. The executive order, signed late on Friday (US time), covers measures in the Lindsey O. Graham Sanctioning Russia and Iran Act, which Trump signed in September.

The law, named after the late Republican senator from South Carolina, allowed Washington to impose tariffs of up to 100 per cent on the biggest buyers of Russian oil and gas. Reports have identified China and India among those major buyers. It also provided for steep duties on Russian goods, sanctions on foreign banks dealing with Russian state lenders, and curbs on US investment in Russia and purchases of Russian government debt.

The White House case

Trump certified to Congress that setting aside the measures served the US national interest. A White House spokesperson said enforcing the provisions now would obstruct ongoing US efforts to reach a peace agreement, adding that the president can use the powers at any time. The waivers do not carry a fixed end date and remain until the administration decides further action is needed.

The order follows a separate decision earlier this month allowing Russian diesel sales into the United States, which the administration has linked to concerns over fuel prices ahead of the November midterm elections.

Criticism from Kyiv and Congress

Ukrainian President Volodymyr Zelenskyy said on X that the decision was unfortunate at a time when pressure on Moscow was needed, calling it "a gift" for Russian President Vladimir Putin. Several Republican senators, including Thom Tillis and John Cornyn, criticised the waiver, as did Democratic leaders such as Chuck Schumer and Richard Blumenthal, a co-author of the bill. Republican Representative Thomas Massie, who opposed the law, backed the decision.

Why it matters for India

India is among the largest buyers of Russian crude, and the Graham Act had raised the prospect of steep US tariffs on countries that kept importing Russian energy. The waiver removes that immediate risk for Indian refiners and exporters, though the law's provisions remain on the books until 2031 and could be revived. The move comes as global oil prices have climbed sharply due to the conflict involving Iran and attacks on shipping in the Gulf.