Trump waives many Russian sanctions, tariffs under new law backed by Lindsey Graham
President waiving new Russia tariffs under late senator's Graham Act while preserving power to reinstate them
Trump strikes diesel deal with Putin, announces Russia-Ukraine energy ceasefire
The 'Big Money in the Morning' panel analyzes President Donald Trump announcing a Russian diesel deal, the energy ceasefire between Russia and Ukraine and looks ahead to the midterms as the president and VP JD Vance stump in Ohio.
President Donald Trump on Friday said he was waiving many Russian-related sanctions and tariffs under a new law backed by late South Carolina Sen. Lindsey Graham.
The Graham Act, which Trump signed into law last month, would have imposed sanctions of up to 100% on all goods brought into the United States from the largest importers of Russian crude oil and gas, along with countries that knowingly bought Russian oil 30 days after the law went into effect.
Trump said the waiver was in the "national interests of the United States."
TRUMP SAYS RUSSIA HAS AGREED TO DELIVER MILLIONS IN DIESEL FUEL AFTER 'HIGHLY SUCCESSFUL DISCUSSION'
Views of the St. Petersburg Oil Terminal, one of Russia's largest terminals for the transshipment and storage of petroleum products in the Baltic region. (Stringer/SOPA Images/LightRocket via Getty Images, File / Getty Images)
"I have submitted to the Congress a certification that the issuance of such a waiver at this time is in the national interests of the United States," he said.
Trump’s executive order comes after his deal made with Russian President Vladimir Putin in which the Kremlin agreed to eventually release millions of tons of diesel into the global market amid soaring prices.
That deal came as diesel prices have risen amid the wars in Iran and Ukraine, with Republicans urging Trump to bring costs down ahead of November's midterm elections.
Trump also publicly criticized Ukrainian President Volodymyr Zelenskyy last week, telling reporters that it was "time for Ukraine to get a new president" and warning the Ukrainian leader to stop attacking Russian oil refineries amid tensions over the new U.S. deal with Moscow.
TRUMP'S CANADA TRADE WAR IS ENTERING A DANGEROUS NEW PHASE FOR THESE BATTLEGROUND STATES
President Donald Trump issued an executive order Friday, Oct. 16, 2026, waiving certain sanctions and tariffs targeting Russia and countries purchasing Russian energy. (Kevin Dietsch/Getty Images)
Friday's executive order does not affect certain Russia-related sanctions imposed under previous executive orders.
The waiver also allows the president to determine whether additional action is necessary.
The House of Representatives passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 last month. The legislation was named after the late South Carolina Republican, a staunch supporter of Ukraine who died suddenly in July.
CLICK HERE TO GET FOX BUSINESS ON THE GO
President Donald Trump and Russian President Vladimir Putin shake hands. (Reuters / Reuters)
Reuters contributed to this report.