Trump Waives Russia Sanctions

President Donald Trump signed an executive order waiving key sanctions and tariffs on Russia under the Graham Act.

Oil Prices Drop

Brent crude fell 1.3% to $108.43 a barrel and West Texas Intermediate dropped 0.52% to $100.88.

Graham Act Details

The order covers the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which Trump signed at the urging of lawmakers.

Diesel Supply Deal

Russia will provide over 4 million tons of diesel: 300,000 tons immediately, 500,000 tons in November, and 1 million tons thereafter.

Ukrainian Reaction

Ukrainian President Volodymyr Zelenskiy said the US actions will hurt Ukraine and only benefit Moscow.

“It seems wrong to me to now decide to overturn all of this and obstruct all of this”

Congressional Criticism

Both parties in Congress criticized the move, with Florida Senator Rick Scott urging economic pressure on Russia and Senate Democrats calling it a dirty deal.

Assessment Period

Secretary of State Marco Rubio said the economic impact review will take up to 60 days.

Moscow's Welcome

Kirill Dmitriev, Putin's special representative, called the waiver a 'historic moment' for economic cooperation.

“The suspension opens the way to dialogue, mutually beneficial cooperation and shared responsibility for global stability”

Gulf Crude Flows

Gulf crude flows fell to about 8.5 million barrels per day last week amid attacks on commercial vessels.

Market Impact

The waiver may strengthen Putin's hand in negotiations and leave Kyiv exposed to one-sided concessions.