Trump waives Russia oil sanctions for India — SkimNews
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- Trump waived provisions of the Lindsey O. Graham Sanctioning Russia and Iran Act on October 17, 2026 — just one day before Congress's October 18 deadline — sparing India from tariffs as high as 100% on continued Russian oil purchases.
- Indian refiners gained greater flexibility to keep buying Moscow's crude, with a Foreign Ministry official calling the development "helpful" as Finance Minister Nirmala Sitharaman had warned that alternatives were limited amid conflict in West Asia.
- Russian crude accounted for over 50% of India's oil imports in July, but its share fell to 44% in August and roughly 35% in September as New Delhi diversified toward UAE and U.S. supplies, per Kpler data.
- China remains the other major buyer, accounting for about 30% of its own import basket, meaning the waiver removes sanction risk for both top Russian oil customers.
- Secretary of State Marco Rubio is scheduled to visit Mumbai and Jamnagar from October 20-22 to meet External Affairs Minister S. Jaishankar, with Foreign Ministry spokesperson Randhir Jaiswal confirming energy will be on the agenda.
- Trump's pivot followed his announcement of a diesel deal with Russia, and the article links it to surging U.S. diesel and gasoline prices ahead of the midterm elections, suggesting domestic fuel costs now outweigh secondary sanctions as a policy priority.
- The IEA estimates global diesel availability has fallen by 1.5 million barrels per day in the second half of 2026, while OPEC cut its 2026 global oil demand growth forecast by 0.2 million barrels per day — Brent crude closed Friday at $109.95 a barrel.
Why it matters: India's refiners secure uninterrupted access to discounted Russian crude without tariff risk, and China dodges secondary sanctions too. The shift makes clear that U.S. midterm-driven fuel price concerns have overtaken punishing Russia as Washington's energy trade priority, with Brent already at $109.95 a barrel.
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