Trump Suspends Sanctions Against Buyers of Russian Oil Under the Graham Act
U.S. President Donald Trump has suspended the tariffs and sanctions provided for in the Lindsey Graham Act, which was passed in September.
This is stated in an executive order published on the White House website on October 16.
Trump invoked a provision of the law that allows the president to waive the restrictions it imposes. In Section 4 of the executive order, he waived a number of tariffs, sanctions, and other measures of pressure against Russia. The president also stated that he had provided Congress with the relevant justification.
“I hereby waive the application of such sanctions, restrictions, and tariffs provided for in the Graham Act,” the executive order states.
Trump noted that lifting the sanctions is in the national interest of the United States.
The document he signed formally establishes the tariffs provided for by law but simultaneously suspends their implementation.
The law provided for the imposition of 100-percent tariffs for 30 days on all goods from the five countries that purchase the largest volumes of Russian oil. The document also provides for sanctions against Russian officials, financial institutions, and other individuals associated with the Russian government. Certain provisions are aimed at preventing circumvention of the restrictions already in place.
The Graham Act also provided for sanctions against a number of Russian entities and 500 percent tariffs on all Russian energy imports to the United States. The deadline for implementing these provisions expired on October 18.
At the same time, Section 115 of the Act grants the president the authority to waive the sanctions, restrictions, and tariffs provided for therein. The Act does not allow for the revocation of sanctions that have already been imposed.
The law contradicts Trump’s agreement with Russian President Putin on the export of Russian diesel fuel to global markets.
Waiving tariffs and sanctions risks sparking new opposition from members of Congress, including many Republicans who are outraged by this agreement. This week, a group of senators from both parties already signed a letter demanding that Trump terminate the agreement with Russia and ensure compliance with the provisions of the Graham Act.
