US President Donald Trump has waived numerous sanctions on Russia that were recently passed by Congress, amid skyrocketing oil prices and the upcoming midterm election.

In an executive order on Friday, Trump said he was waiving numerous ⁠sanctions, restrictions, and duties ⁠on Russia, saying in the order that it is in the US “national interests” to withhold some of the sanctions.

“I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act. I have submitted to the Congress a certification that the issuance of such a waiver at this time is in the national interests of the United States.” It said.

On September 18, Trump signed the “Lindsey O. Graham Sanctioning Russia and Iran Act of 2026,” which authorizes and expands statutory sanctions, tariffs, and prohibitions on Russia and extends existing sanctions on Iran.

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The US sanctions law is named after the Republican Senator Lindsey Graham of South Carolina, who was known for his hawkish and anti-Iranian rhetoric.

Under the order, duties on Russian goods increase by 500%. It also imposes additional duties of 100% on goods from the five largest importers of Russian oil and gas that make new purchases on or after Oct. 18.

The same 100% increase applies to goods from the five largest facilitators of sanctions evasion involving Russian oil.

The law also includes sanctions against Russian President Vladimir Putin and senior figures within the Russian government, as well as banks and other financial institutions.

Trump also announced a temporary lifting of sanctions on Russian diesel last Friday and plans to buy fuel from Russia to lower skyrocketing diesel prices ahead of the midterm elections in November.