Trump waives new Russia sanctions, putting oil in focus for Monday
Duties on Russian goods and tariffs on buyers of Russian crude are suspended for 60 days, days before they were to take effect, as fuel prices run high.
President Trump signed an executive order late Friday waiving key parts of the new Russia sanctions law, two days before it was set to take effect. Trump wrote that the waiver "is in the national interests of the United States."
The law, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, passed the House on September 16 and was signed two days later. It required duties of up to 500% on Russian goods and tariffs of up to 100% on countries that are top buyers of Russian crude, including China and India. The order leaves sanctions imposed under earlier executive orders in place.
Secretary of State Marco Rubio said the administration wants 60 days to analyze the measures' impact on the U.S. and global economy "given the pressure on global energy supplies," per NBC News.
The waiver follows last week's agreement with Russia to release hundreds of thousands of tons of Russian diesel onto the global market, and a temporary waiver of sanctions on Russian diesel exports through April 2027.
Ukrainian President Volodymyr Zelenskyy called the decision "wrong" and "a financial reward for Putin." Some Republicans in Congress also broke with the White House: Rep. Mike Lawler and Sen. Dan Sullivan said they do not support the waiver, per NBC News, and Ted Cruz and Nikki Haley called it a mistake, per Fox Business.
For markets, the question is how oil reacts when trading reopens Monday. U.S. crude settled Friday at $101.41 a barrel, its highest finish since September 21, after a week of Middle East and Russia-Ukraine supply fears. (Friday's Dusk Ledger; Friday's oil story.)
