Trump Waives Steep Russian Oil Tariffs on India, Offering Temporary Relief, Not Certainty

Just hours before steep new duties were set to hit, US President Donald Trump issued an executive order on October 16, 2026, granting a temporary waiver from punitive tariffs under the recently enacted Sanctioning Russia and Iran Act (SRIA) for countries like India buying Russian oil. This move provides a crucial, albeit short-lived, breather for New Delhi, which faced up to 100% additional tariffs on its exports to the US from October 18, 2026, a penalty linked to its energy purchases from Russia. The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 (SRIA), signed into law on September 18, 2026, aimed to impose a 500% tariff on Russian goods and 100% on major buyers of Russian oil. India, a significant importer of Russian crude oil, saw its share of Russian oil imports drop slightly from 51% in July to 44% in August 2026, even as it diversified towards US and UAE supplies. This waiver also comes as the US itself reportedly agreed to buy Russian diesel to address domestic fuel shortages, raising questions of double standards if other nations were penalized. Separately, India is already navigating a 10% Section 301 tariff imposed by the US in July 2026 over forced labor concerns, affecting about 55% of its exports. The Global Trade Research Initiative (GTRI) warns that while this waiver buys India time, it offers no long-term certainty, as Washington can reinstate these tariffs anytime. GTRI founder Ajay Srivastava advises India to focus on its energy security, purchasing oil on commercial terms, and preparing for future US pressure. The temporary reprieve may ease tensions in ongoing bilateral trade negotiations between the two nations, but New Delhi must continue to strengthen its trade position and diversify export markets to ensure stability.