Trump waives 100% tariffs on top Russian oil buyers a day before they were due

US President Donald Trump has waived the 100% tariffs that were due to hit the world's five largest importers of Russian crude oil and natural gas on Sunday, along with the law's 500% tariffs on Russian goods and some of its new sanctions on Russia, CBS News reported. He signed the executive order on Friday 16 October.

The tariffs come from the Lindsey O. Graham Sanctioning Russia Act, a bipartisan law Trump signed in late September. It allows the president to waive parts of it if he certifies to Congress that doing so is "in the national interests of the United States." Trump said he had sent that notification.

Who was in the firing line

The law was aimed largely at the biggest buyers of Russian energy, including China, India and Turkey, CBS reported. The waivers stay in place until US officials "determine that further action is appropriate," and Trump told his administration to "monitor" countries that buy Russian energy or evade sanctions.

Why now

The order is the latest in a series of moves towards Moscow:

• A week ago Trump eased sanctions on Russian diesel and announced a deal with Vladimir Putin to import Russian diesel into the US.
• Last weekend he announced an "energy ceasefire" between Russia and Ukraine. Volodymyr Zelensky first said Ukraine would observe it, then said this week it would resume strikes on Russian refineries after Russian attacks continued.
• A bipartisan group of US senators called the diesel waivers a "betrayal of the people of Ukraine" and urged Trump to enforce the law's tariffs, especially against China.

What it means for oil and for Pakistan

The waiver lands as Brent crude touched $110 a barrel, its highest since May, on Iranian attacks on shipping in the Strait of Hormuz (our story). Had the tariffs started, the biggest buyers of Russian crude would have faced pressure to switch to Gulf and other supplies, competing for the same cargoes Pakistan imports.

Pakistan's fuel prices are reviewed by the government on a fortnightly cycle. The petrol price was cut by Rs 3.93 from Saturday (details); track PSO's ex-depot Karachi price on our petrol price page and work out your own monthly bill with the fuel cost calculator.