These sanctions will apply to the top five countries that purchase oil and gas from Russia. However, exemptions will be granted to countries that import only 15 percent of their total oil needs
Trump waives Russia oil sanctions, relief for India: US President Donald Trump has announced trade tariff relief for India. He has announced the lifting of several sanctions and tariffs related to Russian exports. President Trump has also extended this relief to five countries, including India.
‘I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act. I have submitted to Congress a certification that the issuance of such a waiver at this time is in the national interest of the United States,’ Trump said in an executive order released late Friday.
In the order, Trump said he had submitted a certification to Congress stating that granting the waiver at this stage was in the US national interest.
These sanctions will apply to the top five countries that purchase oil and gas from Russia. However, exemptions will be granted to countries that import only 15 percent of their total oil needs. Tariffs of 100 to 500 percent could be imposed on oil-buying countries. India is the second-largest buyer of Russian crude oil after China. These five countries include China, India, Slovakia, Hungary, and Azerbaijan.
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The waiver comes as the US faces higher energy costs amid the ongoing US-Israeli war on Iran. Imposing the new measures risked pushing oil prices higher and adding to pressure on American consumers ahead of the November midterm elections.
