Trump waives major Russia sanctions and tariffs under new Graham Act

US President Donald Trump signed an executive order on 16 October waiving major sanctions and tariffs mandated by the new Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, according to the text published by the White House. The measure leaves pre-existing US sanctions on Russia under specified executive orders in place.

The order invokes the waiver authority in Section 115 of the Graham Act, which Trump signed into law on 18 September. It says the president certified to Congress that suspending the law's specified restrictions, duties and sanctions was in the national interest of the United States, and submitted a report explaining that finding.

Under Section 2, the order sets out tariffs of 500% on goods imported from Russia and 100% on goods from the five largest countries importing Russian crude oil or natural gas if they knowingly make new purchases from 18 October. It also sets out a 100% tariff on goods from the five leading facilitators of Russian oil sanctions evasion.

However, Section 4 immediately waives the additional duties under Sections 112 and 113 of the Act. The high tariff rates listed earlier in the document are therefore not currently being imposed under this order while the waiver remains in effect. The document also waives a series of sanctions provisions, covering multiple further statutory sanctions and restrictions, as listed in the order.

The White House expressly says the waiver does not affect Russia-related sanctions imposed by existing executive orders addressing harmful foreign activities of the Russian government. This distinction means the decision cannot accurately be described as lifting every American sanction against Russia.

The waivers remain in force until the president or designated senior officials decide further action is appropriate. The order directs the US Trade Representative to monitor purchases of Russian oil and natural gas and countries facilitating sanctions evasion, and to report developments that might warrant further measures.

The changes have consequences for Washington's approach to Russia's oil trade, foreign businesses that deal with Russian energy and countries potentially subject to secondary tariffs. Bloomberg, Fox Business and other outlets reported that the new order waives restrictions contemplated by the Graham Act, but the document does not itself repeal European Union or British sanctions.

The text does not say when the waived duties might be restored or name countries that would face the proposed oil-related tariffs if the suspension ended. It does not announce a new settlement in the war against Ukraine or establish that Russian financial institutions have been removed from existing US sanctions lists.

The order comes during disagreements over Russia-related energy restrictions and pressure on Moscow to negotiate over its war against Ukraine. Its immediate legal effect is narrower than removing Russia from the entire US sanctions regime, but it suspends substantial new penalties Congress had provided for in the Graham Act.

European governments, financial institutions and energy traders will need to distinguish the waived Graham Act provisions from other still-applicable American, European and British measures. The order itself preserves existing Russia executive-order sanctions and provides for continuing US monitoring of Russian energy purchases.