On October 16, President Trump issued an executive order suspending some sanctions and tariffs related to Russia, including tariffs on Russian goods and penalties on countries buying Russian oil, which were set to take effect this week under the Graham Act. The move is especially important for India, one of the five largest buyers of Russian oil, which had faced tariffs of up to 100%. Russian oil once accounted for nearly half of India's oil imports earlier this year, though purchases have fallen since August, and switching to pricier supplies could push up domestic fuel prices. Washington said progress in trade talks with New Delhi was one factor in the decision, and Secretary of State Marco Rubio, who plans to visit India from October 20, said the two sides are very close to a trade deal. Michael Kugelman of the Atlantic Council, a senior expert, said the suspension could build trust and help the two sides overcome the last obstacles.
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XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/19/2026 | 4,140.75 |
| Change that session | -0.60% |
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