US President Donald Trump has waived key Russia-related tariff provisions under the Graham Act, easing the immediate threat of steep duties on countries importing Russian oil, including India.
The waiver, announced on Friday, October 16, comes just days before the measures were due to take effect. It pauses specified penalties that could have included tariffs of up to 100% on major buyers of Russian oil and gas under certain conditions.
The legislation authorises the US administration to impose additional tariffs on countries purchasing Russian energy, with the aim of increasing economic pressure on Moscow over its war in Ukraine.
India and China, two major importers of Russian energy, faced the prospect of additional trade costs under the proposed measures.
Trump cited US national interests as the basis for the waiver, saying he had submitted the required certification to Congress.
The decision offers India temporary relief from the immediate threat of additional tariffs linked to its Russian energy imports. However, the waiver does not remove all existing US sanctions on Russia, and further action remains possible.
The move comes amid continuing uncertainty over global energy supplies, oil prices and the economic consequences of efforts to restrict Russia’s energy revenues.