Trump waives Russia oil sanctions (Representational Image)
\n\nUS President Donald Trump has granted a waiver from sanctions, restrictions and duties provided for under the Sanctioning Russia and Iran Act, offering potential relief to major buyers of Russian energy, including India and China. In an executive order issued on Friday evening, Trump cited the national interest of the United States as the reason for suspending the application of the measures. The decision comes shortly before key provisions of the legislation were scheduled to take effect, easing concerns over possible punitive tariffs on countries importing Russian crude oil and natural gas.
\n\nThe legislation, known as the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, authorised the US administration to impose wide-ranging sanctions on Russia and tariffs of up to 100 per cent on goods entering the American market from major buyers of Russian oil and gas.
\n\nFor India, which has relied heavily on Russian crude to meet its energy requirements, the waiver could help reduce the immediate threat of additional trade costs. However, uncertainty surrounding global oil supplies and growing competition from China could continue to complicate purchases from Moscow.
\n\nWhat Did Trump Announce On Russia Oil Sanctions?
\n\nTrump signed…
Original source: https://www.timesnownews.com/business-economy
