Trump waives tariffs on largest buyers of Russian oil

President Trump waived tariffs on the largest buyers of Russian oil, preventing some new sanctions from taking effect late Friday. The move comes as the US President seeks to ease prices by tapping into Russian energy supplies.

The tariffs, which were set to be imposed on Russian oil imports, were part of a broader package of sanctions aimed at pressuring Russia to withdraw its troops from Ukraine. However, Trump decided to waive the tariffs, citing concerns about the impact on the US economy and energy prices.

The waiver applies to oil imports from Russia's largest oil producers, including Gazprom and Lukoil. These companies are among the largest suppliers of Russian oil to the US market.

The move is seen as a significant concession to Russia, which has been seeking to maintain its influence in the global energy market. The waiver does not apply to all Russian oil imports, however.

Smaller-scale buyers of Russian oil, such as refineries and other industrial users, will still be subject to the tariffs. This means that some US companies will continue to face significant costs as a result of the sanctions.

The decision to waive the tariffs has been met with criticism from some lawmakers, who argue that it undermines the US's efforts to pressure Russia to withdraw its troops from Ukraine. Senator Lindsey Graham, a Republican from South Carolina, has been a vocal critic of the move, saying that it "sets a bad precedent" for future US-Russia relations.