Industry Odisha Bureau, Oct 18: Trump has reportedly waived threatened tariffs of up to 100% on Russian oil buyers. India, which relies heavily on Russian crude, gains immediate relief. The move follows a reported diesel pact with Moscow.*
Donald Trump has reportedly waived fresh tariffs threatened against major buyers of Russian oil. The Economic Times said he cited US national interest in a Friday executive order. The move lifts an immediate threat of duties up to 100% on India. The newspaper linked the timing to efforts to curb fuel prices before the midterms.
Trump signed the Lindsey O Graham Sanctioning Russia and Iran Act on September 18. It permits duties of up to 100% on the top five Russian energy buyers. Such tariffs would hit all goods from targeted countries, not just their oil. India and China were among those most exposed. The 30-day window for action ran to October 18.
Trump reportedly used Section 115(a), which permits waivers serving the national interest. His order set aside duties under Sections 112 and 113, the newspaper reported. A waiver pauses penalties; it does not repeal the law. Future duties therefore remain legally possible.
For India, the stakes were high. Russian crude made up about 44% of its oil imports in August, the report said. New Delhi defends the purchases as vital for affordable energy for 1.4 billion people. It had repeatedly warned Washington that new tariffs would damage bilateral ties. An expert quoted anonymously by the paper criticised repeated tariff threats against a strategic partner.
The waiver reportedly followed a diesel supply pact with Moscow. Volumes, prices and timelines have not been disclosed. Diesel powers American trucking, farming and freight, so its price feeds wider inflation. Fuel costs are a sensitive political issue ahead of November’s midterms. The administration, however, formally cited only national interest.
Timing also matters diplomatically. US envoy Sergio Gor had said a decision would come within about 10 days. Secretary of State Marco Rubio is expected in Mumbai and Jamnagar shortly. Jamnagar hosts Reliance Industries’ complex, the world’s largest single-site oil refinery. India is also weighing long-term liquefied natural gas purchases from Russia. No contracts have been reported.
Supply risks elsewhere add weight to Russian barrels for India. The war involving Iran and attacks on Hormuz shipping have unsettled Gulf supplies. The strait is a key route for Gulf oil exports. Security concerns in Saudi Arabia offer little comfort, the report noted.
Ties with Moscow are widening beyond crude. India was the first official partner country at Moscow’s Russia Energy Week. Its pavilion featured NMDC, Steel Authority of India and eight major oil companies. Officials discussed oil, gas, mining, steel and coking coal from the Russian Far East. Coking coal is a key input for conventional steelmaking. The talks were exploratory, with no deals disclosed.
For refiners and exporters, the waiver eases near-term uncertainty. It does not settle wider India–US trade questions. Future sanctions decisions, Gulf security and fuel prices will shape what follows. So will the outcome of continuing trade talks between New Delhi and Washington.
