President Donald Trump waived sanctions and tariffs tied to Russian exports, and Secretary of State Marco Rubio says Trump will use up to 60 days to assess their economic impact. Separately, the US struck a deal with Russia to increase diesel supplies to global markets. Ukraine's president criticized the waiver.
Secretary of State Marco Rubio said on Saturday that Trump will use up to 60 days to assess the economic impact of Russia-related sanctions and tariffs that he waived a day earlier. Trump told reporters at Mar-a-Lago that he has yet to announce a final decision on the matter.
Waiver covers measures due next week
Trump signed an executive order on Friday waiving key sanctions and tariffs under the Graham Act, which he signed last month at the urging of lawmakers who want to pressure Moscow over its war in Ukraine. The measures, including tariffs on Russian goods and penalties on countries buying Russian oil and gas, were due to take effect next week.
However, the order did not specify how long the waiver would last. Rubio said Trump opted for a 60-day review, and that the president wants to analyze what imposing both sanctions and tariffs will mean to the global economy and even to the US economy.
Ukrainian President Volodymyr Zelenskiy criticized the order, warning it would embolden Russian President Vladimir Putin and prolong the war.
Diesel agreement adds a second track
Rubio also defended a separate US agreement with Russia to increase diesel supplies to global markets, aimed at easing fuel prices that have climbed amid the war with Iran and disruptions to energy supplies. Under the deal, Trump said Russia initially would supply more than 300,000 metric tons of diesel to the United States, followed by shipments in November and beyond.
US Energy Secretary Chris Wright described the deal as a carrot to try to end the war, not an economic lifeline for Russia. He said the only way Russia can get additional diesel to export is if it turns down the conflict with Ukraine.
Rubio said the diesel deal and the sanctions waiver reflected the challenge of managing conflicts in the Middle East and Ukraine that have disrupted global energy supplies. In his words, "These conflicts around the world are starting to crash into each other".
Source: Commodities & Futures News
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