Trump waives up to 100% tariffs on Russian-oil buyers under Graham Act two days before deadline
What happened
President Trump signed an executive order late Friday, October 16, implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 while simultaneously waiving nearly all of its tariff and sanctions provisions. The law would have required tariffs of up to 100% on goods from the five largest importers of Russian crude oil and natural gas — China, India, Slovakia, Hungary and Azerbaijan — making fresh purchases after October 18, plus up to 500% tariffs on US imports of Russian energy. Trump invoked the law's national-interest waiver authority, certifying to Congress that the waiver was in the national interest, and suspended the duties with no fixed expiry date. Existing Russia-related sanctions under other executive orders remain unaffected, and the US Trade Representative will keep monitoring Russian energy purchases.
Why it matters & what’s next are part of Pro, along with the audio summary.
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Who’s affected
- Oil majors and refiners (XOM, CVX): waiver removes a near-term supply-disruption risk, capping upside from a tariff shock but keeping Russian barrels flowing
- Indian exporters and US importers of Indian goods: avoids an immediate 100% tariff hit on Indian exports to the US
- Chinese exporters: China, the largest Russian-energy buyer, also escapes the 100% tariff threat for now
- Tanker/shipping names: continued Russian crude flows support tanker demand, though the earlier shadow-fleet easing chatter already pointed this way