Trump drops key sanctions on Russian oil, invokes Section 115 of the Graham Act: Here’s what it means for India | Today’s news
US President Donald Trump on Friday (local time) signed an executive order waiving key Russia-related sanctions and tariffs under the Graham Act, telling Congress the decision was in the national interest.
Trump waives key Graham Act sanctions, says National Interest
In the executive order, he said it was in the country’s “national interest” to withhold some of the sanctions, adding: “I hereby waive the application of such sanctions, limitations, and obligations set forth in the Graham Act.”
The US president further stated that he has submitted confirmation to Congress that the issuance of such a waiver is in the country’s national interest at this time. Sanctions under the law Trump signed last month were set to go into effect in just two days, the AP reported.
The Graham Act, also known as the Lindsey O. Graham Russia-Iran Sanctions Act, was named after the late South Carolina Senator Lindsey Graham and sought to act more quickly against the flow of financial resources fueling Russia’s war against Ukraine. This allowed the US president to impose sweeping sanctions on Moscow along with announcing heavy tariffs on countries that were among the biggest buyers of Russian oil and gas, including China and India.
This story will be updated with more details.
