Updated October 19, 2026: President Donald Trump has waived Russia-related sanctions and tariffs while his administration reviews their economic effects. Reuters reported on October 18 that Secretary of State Marco Rubio said the review could take up to 60 days. Ukrainian President Volodymyr Zelenskyy criticized the waiver. The decision does not guarantee lower oil or gasoline prices, which depend on broader supply, demand and market conditions.
Key Highlights
- Trump signed the order Friday night, two days before the law’s implementation deadline, CNBC reported.
- ABC News said the order waives every operative section of the law involving Russia, including tariffs of up to 500% on Russian goods.
- Zelenskyy called the decision unfortunate and said he expects further waivers.
- The effect on oil prices has not yet been tested in markets.
What Trump Did
The Graham Sanctioning Russia Act, which Trump signed last month, is named for the late Sen. Lindsey Graham, who died before it passed, CBS News reported. It was aimed at big buyers of Russian oil and gas, including China, India and Turkey.
In the order, Trump said he had certified to Congress that the waiver is in the national interests of the United States, according to The Hill.
ABC News reported that the order also waives tariffs of up to 100% on the top five buyers of Russian crude and gas, and a section that would have let sanctions end if Russia accepted a peace deal. It is the second time in two weeks Trump has eased sanctions on Russia, ABC said.
Whether this is a temporary pause or a long-term shift is not clear from the reporting reviewed. The Hill’s account of the order describes the waiver as in the national interest “at this time,” without giving an end date.
The White House Case
Axios reported that White House spokeswoman Taylor Rogers said the administration is working toward a lasting peace agreement between Ukraine and Russia. NBC News reported that Trump called it a “very good decision” while campaigning in Kentucky on Saturday.
What It Could Mean for Oil Prices
CBS News reported that Trump is trying to ease prices by tapping Russian energy, and that he has blamed Ukraine’s attacks on Russian energy sites for higher costs. NBC added that he has played down the Iran war’s effect on oil.
The waiver also spares China and India, major buyers of Russian oil, from fresh pressure, Axios said. That could keep Russian barrels flowing. CNBC reported earlier this week that some analysts doubted the separate diesel deal would quickly lower U.S. prices.
Diesel hit a record $6.52 a gallon in September, according to Al Jazeera. The order came after U.S. markets closed Friday, so the first reaction will come when trading resumes.
Reaction in Kyiv and Moscow
Zelenskyy said on Saturday that the diesel deal and the Graham Act waiver are “not the end of it,” CNBC reported. He wrote that the act could have helped enormously, adding that it still can, according to Axios.
Kirill Dmitriev, an economic envoy for Russian President Vladimir Putin, called the move an “important and truly historic moment,” per CBS News. ABC noted that Russia has continued large drone and missile attacks on Ukraine, according to Zelenskyy.
The Political Fallout
Sen. Richard Blumenthal, a Connecticut Democrat who co-drafted the act, condemned the waiver, CNBC reported. NBC said criticism has also come from some Republicans. A bipartisan group of senators had urged Trump this week to enforce the law, as we reported in our earlier coverage.
The dispute lands as voters weigh prices and foreign policy ahead of the November 3 vote. See our look at how Trump’s policies could affect control of Congress.
What Remains Uncertain
It is unclear how long the waiver will last, whether Congress will respond, and whether Russian diesel will reach markets at the promised scale. Claims about its price effects are projections, not outcomes.
What to Watch Next
- Oil and diesel prices when markets reopen Monday.
- Any congressional response from Republicans and Democrats.
- Whether Trump waives other Russia-related sanctions.
Sources: CNBC, CBS News, ABC News, Axios, NBC News, The Hill, Al Jazeera. This article will be updated as more information is confirmed.