Trump invoked an executive order provision Oct 17 to waive the Lindsey Graham Sanctioning Russia Act indefinitely. Cited reason: Iran war plus Ukrainian drone strikes on Russian refineries drove diesel up 70%. Brent crude $108.80, down from Friday peak of $111.
1
The sanctions law
The Graham bill mandated secondary sanctions on Russian state banks and froze Russian central bank assets in the US. It passed bipartisan but Trump never signed; he used an executive waiver instead. Senate Minority Leader Schumer: 'Trump's deal with the devil.'
2
Energy logic and Congress
Diesel wholesale is up 70% year-over-year; jet fuel up 55%. Congress is in recess until after Election Day, meaning counter-legislation cannot advance until late November. The White House argued tighter sanctions would push diesel past $6/gallon.
3
Oil market reaction
Brent fell from $111 to $108.80 after the waiver—a 1% drop. Analysts said markets had already priced in Iran war premium; the sanctions relief has limited near-term supply impact.
The waiver lets Trump balance energy prices against diplomatic pressure—but Congress returns after Election Day.
Key FAQ
Q1: What legal basis did Trump use for the sanctions waiver?
An executive order national energy emergency provision, citing 70% diesel wholesale price increase from Iran war and Ukrainian drone strikes on Russian refineries.
Q2: Can Congress override the waiver, and when?
Congress is in recess until after Election Day; counter-legislation can't advance until late November at the earliest, despite bipartisan support.
Q3: How much did the waiver move oil prices?
Brent fell from $111 to $108.80—about 1%. Analysts say Iran war premium was already priced in; the waiver has limited near-term supply impact.
Sources
- ✓ CBS News — Trump waives Russia sanctions — 2026-10-18
- ✓ NBC News — Trump doubles down on Russia sanctions waiver — 2026-10-17
- ✓ Reuters — Oil slips on Russia sanctions waiver — 2026-10-18