Trump suspends Graham Act sanctions on Russia before they take effect

According to ABC News, the order suspends almost every operative provision in the Russia section of the act. It covers additional tariffs of up to 500% on Russian goods, tariffs of up to 100% on the top 5 buyers still purchasing Russian crude and gas, and tariffs on the top 5 countries facilitating sanctions evasion. Sanctions on foreign banks dealing with Russian state banks are also suspended. The Senate passed the act by 86 votes to 11; the White House argues that enforcing the sanctions would complicate peace negotiations.

Two sources read the duration differently. The Kyiv Independent reports that Secretary of State Rubio on 18 October described the waiver as a temporary 60-day pause to study the impact of sanctions and tariffs on the world economy. He cited energy prices driven higher by the Iran war. Diplomacy and Law, however, reads the order as having no fixed end date: the waiver stands until the President or the Secretary of State decides otherwise. Sanctions previously imposed by executive order, and the Russian diesel licence issued on 9 October, remain in place.

Türkiye is directly exposed to the debate. CREA's September data, published on 16 October, show Türkiye as the 4th-largest buyer of Russian fossil fuels, with purchases of 1.0 billion euros. Of that, 321 million euros was oil products and 314 million euros pipeline gas. In the same month, Türkiye's purchases of Russian refined products fell 12% month on month to their lowest level since June 2022. Diplomacy and Law notes that the order did not designate Türkiye, China or India for the 100% tariff. If the waiver is withdrawn, that designation returns to the table.