Russia welcomes US President Donald Trump's decision to postpone the entry into force of major sanctions, restrictions and tariffs under the Lindsey O. Graham Act. Russian presidential envoy for investment and economic cooperation Kirill Dmitriev called the move an "important and truly historic moment."
“The economic dialogue between the US and Russia will continue, as will peace efforts,” said Dmitriev. According to him, the implementation of the law could have almost completely stopped economic cooperation between the two countries and caused serious damage to the American economy and world markets.
What Donald Trump postponed
Trump signed the decree on October 16, two days before some of the measures were to come into force. In the document, the president states that he has submitted to Congress a certificate according to which the refusal to implement them at this time is in the national interest of the United States. The White House specifies that the decree is based on the authority provided for in the law itself.
The law was signed by Trump in September and is named after the late South Carolina Senator Lindsey Graham. It provided for 100% tariffs on goods from the five largest buyers of Russian oil and natural gas if they continue to make new purchases from Russia. It also envisaged 100% tariffs on countries that help circumvent sanctions, as well as 500% tariffs on goods from Russia.
Among the measures outlined were sanctions against Russian officials, financial institutions and tankers from the so-called shadow fleet used to transport Russian energy carriers. China and India, which are among the largest buyers of Russian oil, would be potentially most seriously affected. Trump's decree exempts from the new tariffs and sanctions, but leaves in force earlier restrictions against Russia.
Criticism from Ukraine and Congress
Ukrainian President Volodymyr Zelensky described the decision as unfavorable in light of Russian attacks on Ukrainian energy infrastructure. “This law could have helped enormously — "and still can," Zelensky said, urging the measures to take effect.
Democratic Senator Richard Blumenthal, who co-authored the bill, accused Trump of abandoning the position of the majority of Americans, Congress and European allies. "These exemptions have nothing to do with our national security and everything to do with courting Vladimir Putin," Blumenthal said.
According to the order, the suspension will remain in effect until the president or secretary of state, after consulting with the treasury secretary and trade representative, determines that further action is necessary. The decision was announced after a separate Trump measure that allowed the sale of Russian diesel on international markets.
Sources: apnews.com, cbsnews.com, rferl.org