Trump Waives Key Sanctions On Russian Oil, Invokes Section 115 Of The Graham Act: Here's What It Means For India
In the executive order, he said it was in the country's "national interest" to withhold some of the sanctions and added, "I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act."
The US President further said that he had submitted a certification to Congress stating that issuing such a waiver at this time was in the country's national interest. The sanctions under the Act, which Trump signed last month, were set to take effect in just two days, AP reported.
The Graham Act, also known as the Lindsey O. Graham Sanctioning Russia and Iran Act, was named after late South Carolina Senator Lindsey Graham and sought to crack down more quickly on the flow of financial resources fueling Russia's war against Ukraine. It allowed the US President to impose sweeping sanctions on Moscow, along with announcing steep tariffs against the countries that were some of the largest buyers of Russian oil and gas, including China and India.
This story will be updated with additional details.
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