Trump Suspends Russia Sanctions Law That Threatened 100% Tariffs On Indian Oil Imports

US President Donald Trump signed an executive order on Friday suspending a sanctions law aimed at Russia’s economy two days before it was due to take effect, lifting the threat of punitive tariffs on the largest buyers of Russian oil and gas, a group that includes India

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Trump told Congress the suspension was in the national interest. The waivers remain in force until he or the secretary of state determines that further action is warranted.

The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 was signed into law in early October after passing both chambers of Congress by large bipartisan margins. It is named after the South Carolina senator who died in July at the age of 71 and who had pressed for tougher measures against Moscow over the war in Ukraine.

The law targeted Russia’s energy and defence industries and the fleet of tankers used to move its oil outside Western price controls. It provided for tariffs of up to 500 per cent on Russian goods, including oil and gas, and up to 100 per cent on the five largest purchasers of Russian crude and gas as well as on countries helping Moscow evade oil sanctions. It also allowed sanctions on foreign banks dealing with Russian state lenders and barred purchases of Russian sovereign debt and American investment in Russia.

The suspension follows Trump’s announcement of an arrangement with President Vladimir Putin under which Russia would supply diesel to help lower global fuel prices. Trump said Russia would send more than 300,000 tonnes initially, with further cargoes from November.

For India the stakes were substantial. The country imports more than 88 per cent of the crude it consumes, and Russian oil made up about 45 per cent of total imports according to some reporting. India and China were widely expected to fall within the measure.