Trump looks to rein in fuel prices ahead of midterms; waives threat of 100%

Benchmarks Nifty23,146.15148.81FEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return8.8 % Invest NowFEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.64 % Invest NowEnter search text:

The Economic Times daily newspaper is available online now. Read Today's Paper Trump looks to rein in fuel prices ahead of midterms; waives threat of 100% tariffs on India over Russian oil, citing ‘national interest’ as US inks diesel pact with MoscowBy Dipanjan Roy Chaudhury, ET BureauLast Updated: Oct 18, 2026, 04:00:00 AM ISTSynopsis

US President Donald Trump has waived fresh sanctions and duties on Russian energy exports under a new law, citing national interest and easing concerns over potential tariffs of up to 100% on major buyers, including India. The move comes as India continues to rely on Russian crude and explores long-term LNG supplies, while New Delhi and Moscow seek to expand cooperation across oil, gas, mining and steel.

Listen to this article in summarized format

Loading...×US President Donald Trump waived fresh sanctions, restrictions and duties on Russian energy exports under a law enacted last month, citing national interest and bringing relief to India from potential tariffs of up to 100%. Trump invoked a provision in the law that allows the President to grant a waiver from further punitive measures if such a step is in the US national interest. “Pursuant to section 115(a) of the Graham Act, I hereby waive the application of any duties provided for in sections 112 and 113,” he said in an executive order late on Friday.

The Lindsey O Graham Sanctioning Russia and Iran Act proposed tariffs of up to 100% on imports from the top five purchasers of Russian oil and gas, including China and India, within 30 days of its enactment on September 18.

Following the waiver, India will not be penalised for sourcing oil from Russia, its biggest supplier.

Read more - Christmas cheer, but caution remains: Exporters welcome US tariff relief, keep diversification plans

Moscow LNG plan on track

In August, Russian crude accounted for roughly 44% of India’s total oil imports. India is also planning to purchase liquefied natural gas from Russia under long-term contracts.

Live Events

Read more - Trump puts Russia sanctions bill on hold, cites US national interest; retains power to reinstate measures

Trump’s waiver comes in the wake of a deal with Russia for the supply of diesel to the US. It also comes days ahead of US Secretary of State Marco Rubio’s visit to Mumbai and Jamnagar. Rubio is expected to visit the world’s largest single-site oil refinery, operated by Reliance Industries in Jamnagar.

On Thursday, US envoy to India Sergio Gor said Trump would take a decision on the waiver within the next 10 days.

India had informed the US on several occasions that any tariffs under the new law would adversely impact bilateral relations.

“Good sense has prevailed for now, but constantly holding a loaded gun to your strategic partner’s head is no way to build a sustainable long-term partnership. Diplomacy by hostage-taking is bound to come unstuck,” an expert told ET on condition of anonymity.

India has consistently defended its purchase of Russian oil as being in the interest of its 1.4 billion people and global energy prices.

The situation has been further complicated by the war in Iran and repeated attacks on vessels in the Strait of Hormuz. Additionally, the security situation in Saudi Arabia provides no relief.

Meanwhile, India became the first official partner country for Russia Energy Week, in Moscow this week.

Jointly inaugurated by the Embassy of India and steel ministry officials, the India pavilion at the exposition featured representations of projects from major Indian entities, including National Mineral Development Corporation, Steel Authority of India, Manganese Ore (India) and Metallurgical & Engineering Consultants (India), alongside eight major Indian oil companies.

At the exposition, the two sides discussed expanding collaboration across oil and gas, mining, the steel value chain and coking coal supplies from the Russian Far East. They also highlighted evolving energy dynamics, including Indian investments in Russian energy assets and shifting petroleum product flows.
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onUS tariffs on IndiaDonald Trump Russia oil sanctionsRussian oil importsIndia Russia energy tiesRussian crude oilGraham Act sanctionsUS Russia energy tradeIndia LNG imports from RussiaMarco Rubio India visitRussia Energy Week

(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)

...moreless
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onUS tariffs on IndiaDonald Trump Russia oil sanctionsRussian oil importsIndia Russia energy tiesRussian crude oilGraham Act sanctionsUS Russia energy tradeIndia LNG imports from RussiaMarco Rubio India visitRussia Energy Week

(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)

...morelessContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories
& personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &
in-depth stock reportsSubscribe NowET

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Login using your ET Prime credentials to enjoy all member benefits

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Big Price Drop! Flat 40% Off

Student Only OfferAlready a Member? Sign In nowAlready a Member? Sign In nowAlready a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail OfferAvail OfferClaim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '

' + h3 + '

' + h4 + '

' + listing + '

'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); }

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with
in-depth insights that matter

• Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

  What Adani’s US indictment means for India Inc’s overseas fundraising

• Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

  Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?

• Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

  The problem with lab grown diamonds

• Why a falling rupee is a better option for the economy

  A list of top 20 momentum stocks that have delivered massive returns in one year

2Invest Wisely With Smart Market Tools & Investment Ideas

Alpha Trade

Get daily trade ideas from SEBI-registered research analysts.

Investment Ideas

Grow your wealth with stock ideas & sectoral trends.

Stock Reports Plus

All-in-one stock research with Stock Score, peer comparison & key signals.

BigBull Portfolio

Get to know where the market bulls are investing to identify the right stocks.

Stock Analyzer

Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.

Market Mood

Analyze the market sentiments & identify the trend reversal for strategic decisions.

Stock Talk Live at 9 AM Daily

Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.

3Stay informed anytime, anywhere with ET ePaper

ePaper - Print View

Read the PDF version of ET newspaper. Download & access it offline anytime.

ePaper - Digital View

Read your daily newspaper in Digital View & get it delivered to your inbox everyday.

Wealth Edition

Manage your money efficiently with this weekly money management guide.

TOI ePaper

Read the PDF version of TOI newspaper. Download & access it offline anytime.

Deep Explainers

Explore the In-depth explanation of complex topics for everyday life decisions.

Health+ Stories

Get fitter with daily health insights committed to your well-being.

Personal Finance+ Stories

Manage your wealth better with in-depth insights & updates on finance.

5Enjoy Complimentary Subscriptions From Top Brands

Stream new documentaries from all across the world every day.

Stories you might be interested in