Play store
India and China have been temporarily spared the threat of 100% US tariffs for buying Russian oil after President Donald Trump suspended the implementation of sanctions and tariffs under a Russia-related bill passed by the US Congress.
The measures were scheduled to take effect from Sunday. However, Trump used his executive authority to halt their implementation at the last moment, granting temporary relief to India, China and several other countries.
Trump said the suspension was granted in the national interest of the United States.
In an executive order issued on Friday night (October 16), Trump said he was suspending the application of the sanctions, restrictions and tariffs outlined in the Graham Act. He added that he had certified to Congress that granting the exemption at this time was in the US national interest.
The order, however, only suspends the implementation of the Russia-related tariffs. Trump could reinstate them at any time in the future.
The legislation Trump signed is called the *Lindsey O. Graham Sanctioning Russia and Iran Act*, named after Senator Lindsey Graham, a prominent supporter of Ukraine in Washington. Graham died earlier this year in July, shortly after returning from a visit to Kyiv.
The law gave Trump a 30-day deadline to impose 100% tariffs on all goods from the top five buyers of Russian crude oil: China, India, Slovakia, Hungary and Azerbaijan. It also provided for sanctions against various Russian entities and tariffs of up to 500% on energy products imported into the United States from Russia.
The 30-day deadline was due to expire on October 18.
What Is the Law?
The legislation aims to restrict the financial resources Russia uses to continue its war against Ukraine. It targets Russian government officials, banks, energy-sector interests and foreign entities that support Moscow’s military operations.
The law authorises Trump to impose tariffs on countries that do business with Russia, with the aim of reducing their dependence on Russian oil and gas. It also includes provisions for sanctions against Russian President Vladimir Putin and senior Russian government officials.
If implemented, the law could pave the way for tariffs of up to 100% on countries purchasing Russian oil and gas, putting India, China and eight other countries at risk. Source: NDTV.
