President Donald Trump signed an executive order waiving two key parts of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, just two days before the law's implementation deadline. Those provisions would have required raising duties on Russian goods by up to 500% and imposing tariffs of up to 100% on countries such as China and India, which are among the top five buyers of Russian crude oil or gas. The order keeps existing sanctions from earlier executive orders in place, and Trump said the waiver serves U.S. national interests. Kirill Dmitriev, Russian President Vladimir Putin's economy envoy, called the move 'historic,' while Sen. Richard Blumenthal, who also drafted the law, condemned it. Ukrainian President Volodymyr Zelenskyy warned that the recent U.S.-Russia diesel agreement could set a precedent for further sanctions relief.
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Related tickers and likely impact
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
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