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’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.
Trump said the waiver was in the “national interests of the United States.”
Reuters contributed to this report.
