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Russia sanctions waiver: Trump holds off Graham Act tariffs, easing pressure on India’s Russian oil imports

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A Russia sanctions waiver signed by US President Donald Trump has put on hold the tariffs and penalties that a new US law would have imposed on big buyers of Russian oil, including India. In an order dated 16 October 2026, published by the White House, Trump used section 115 of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 to waive its duties and most of its sanctions provisions. He said he had certified to Congress that the waiver is in the national interests of the United States.

Russia sanctions waiver: File photo: President Donald Trump in the Oval Office on 7 October 2026
File photo: President Donald Trump in the Oval Office on 7 October 2026 Photo: Official White House Photo by Joyce N. Boghosian (public domain).

What the Graham Act would have done

Trump signed the Graham Act into law on 18 September, the order says. On paper, the order first sets out the law’s penalties: the duty on goods from Russia would rise by 500 per cent ad valorem, and goods from the five largest importers of Russian crude oil and natural gas would face an extra 100 per cent duty if those countries knowingly made new purchases on or after 18 October 2026. A further 100 per cent duty would apply to the top five countries that help Russia evade oil sanctions. Section 4 of the same order then waives all of those duties, along with a long list of sanctions provisions on foreign persons.

Key Facts

  • Order dated: 16 Oct 2026
  • Law signed: 18 Sep 2026 (Graham Act)
  • Waived: 500% duty on Russian goods, 100% on top buyers
  • India’s Russian crude, Sept: about 1.82 mn bpd
  • Waiver lasts: until the US decides further action is needed

What the Russia sanctions waiver means for India

India is the largest buyer of Russian seaborne crude. Ship-tracking data cited by The Hindu BusinessLine and Business Standard show India took about 1.82 million barrels a day in September, against about 1.49 million for China, and imports had peaked at around 2.6 million barrels a day in June. Analysts at Kpler expect October volumes of 1.8 to 1.9 million barrels a day. Both papers noted that the waiver is not specific to India and could also benefit China. Refiners are likely to keep buying, analysts told them, but the relief is not permanent.

Zelenskyy's criticism and what could change

The order says the waivers stay in force until the President or the Secretary of State, in consultation with the Treasury and the Trade Representative, decides further action is appropriate. It also keeps in place sanctions under earlier executive orders on Russia. CNBC reported that Ukrainian President Volodymyr Zelenskyy condemned the move, saying on X that it “definitely helps only the Russians”. The US Trade Representative has been told to keep monitoring purchases of Russian oil and gas and report back to the President, which means the tariff threat could return if Washington changes course. A separate Business Standard report quoted the Global Trade Research Initiative as saying the waiver gives India temporary relief but no certainty.

Why It Matters: A 100 per cent US tariff on Indian goods would have hit exporters hard; the waiver removes that risk for now, but the order leaves the door open to bring it back.

Also on TrendDesh: Ukraine civilian casualties stay at record levels: UN verifies 328 killed in September as energy attacks grow · Kharkiv attack kills four, injures 41 as Russian missiles also hit Kyiv, UN says · Bloomberg New Economy Forum: PM Modi pitches 'Power to Empower' at the forum's first India edition

Source: The White House: Implementing the Graham Act (presidential action) · CNBC, 17 Oct 2026 · The Hindu BusinessLine · Business Standard

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