Largest Russian oil buyers spared as Trump waives tariffs days before Lindsey Graham backed law could take effect
Tariffs and sanctions paused
Trump acted late Friday to prevent some new sanctions and tariffs from taking effect. The waived provisions were part of a bipartisan law intended to pressure the Russian government.
The tariffs were aimed at large-scale buyers of Russian oil. The law was championed by Sen. Lindsey Graham, who died before it passed.
Major oil buyers targeted
The law focused largely on the world's biggest buyers of Russian oil and gas, including China, India and Turkey. The European Union has also historically bought large quantities of Russian natural gas.
The EU has reduced its imports significantly in recent years. The United States has for years imposed tight restrictions on Russian oil and gas and urged other countries to do the same.
Energy prices and Ukraine
The shift comes as oil prices remain high after a spike linked to the Iran war. Trump has increasingly focused on Russia and Ukraine, arguing that the war in Ukraine has pushed energy prices higher. The United States had sought to limit Russia's ability to use energy wealth to finance its invasion of Ukraine. Trump has also criticized Ukrainian President Volodymyr Zelenskyy, saying he is “not a big fan.”
Key points
- Trump waived parts of a law that would have imposed sanctions on Russia and tariffs on major buyers of its oil.
- The law targeted buyers including China, India and Turkey.
- Oil prices remain high after rising during the Iran war.
- Trump has argued that the war in Ukraine has driven up energy prices.