US prez Trump waives Russia sanctions

Washington: Nearly six days after allowing for the import of diesel from Russia into the United States, President Donald Trump on Saturday put forth waivers on the law that sought to penalise countries with 100 percent tariffs for purchasing crude oil or natural gas of Russian-origin, among other things.

Trump announced the waiver just days before several provisions of the legislation were due to take effect. He had signed the bill into law in mid-September. Trump’s decision to waive key provisions of a new law comes as a relief for India, one of the top two destinations for Russian crude. The September legislation became a worry for India, as Russian oil remains an important and major component of its oil import slate, particularly given the disruption in global supplies due to the ongoing West Asia crisis.

New Delhi had made its concerns about the new law made known to Washington on multiple occasions.

According to experts and analysts, the presidential power to waive the applications of the law’s provisions was expected to come into play, given the prevailing global energy supply and price scenario. India, too, was banking on it.

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