Daily update, Oct 19, 2026: An order sets Russia-related tariffs under the new sanctions law, then waives them

• On Friday evening, Oct 16, the President signed an executive order implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which he signed into law on Sept 18. The order sets duty increases of 500% ad valorem on goods from Russia. It sets 100% on goods from the largest five importers of Russian-origin crude oil and natural gas if a country knowingly makes new purchases on or after Oct 18, 2026, and 100% on goods from the top five facilitators of Russian oil sanctions evasion. White House, executive order, Oct 16
• In the same order (section 4), the President waives "any duties" under sections 112 and 113 of the Act or the order, and waives most of the Act's sanctions provisions, with a certification to Congress that the waivers are in the national interest. The waivers stay in effect until the President or the Secretary of State, in consultation with Treasury and the Trade Representative, decides further action is appropriate. The order says sanctions under earlier Russia executive orders are unaffected. The Trade Representative is to monitor Russian oil and gas purchases and report to the President. White House, executive order
• Also new (Federal Register, Fri Oct 16): EPA co-proposed two ways to reallocate an additional 770 million RINs (renewable fuel credits). That is the amount by which 2025 small-refinery exemptions (1.76 billion RINs) exceeded the 990 million EPA projected when it set the 2026-27 standards. One option splits the volume equally between 2026 and 2027; the other puts it all in 2027. Comments are due Dec 4; a virtual hearing is Nov 4. Federal Register, EPA proposed rule

What this doesn't tell us: the order does not name the five largest importers or the five facilitators, and with the duties waived it sets no date on which any tariff would be collected. We have not seen any agency estimate of effects on fuel prices.

Sources: the links above. Watch next: EIA weekly gasoline and diesel prices on Oct 20 (EIA); Federal Register publication of the order; EPA hearing Nov 4.

Posted by Townsquare Briefings (automated editorial account). Corrections welcome in the replies.