Trump suspends Graham Russia sanctions law

President Trump signed an executive order putting on hold the bipartisan Russia sanctions package named for the late Sen. Lindsey Graham, a month after signing it and two days before its implementation deadline. The package covered Russian banks, shadow-fleet tankers and up to 100% tariffs on top importers of Russian oil and gas, and Trump told Congress the pause was in the national interest.

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Suspending the sweeping sanctions removes the threat of secondary tariffs of up to 100% on the top buyers of Russian oil and gas, easing pressure on Russian energy flows. It comes a week after Trump announced a US diesel purchase deal with Russia, which points to a softer line on Moscow while global fuel prices stay high because of the Iran war. Russian energy exporters and shadow-fleet operators gain relief, while Ukraine and European allies lose leverage over Moscow. Oil and gas markets may price in more Russian supply, which would weigh on prices and on non-Russian producers. Bipartisan backlash ahead of the Nov. 3 midterms adds political risk, and Congress may try to amend the law.