US takes 60-day review pause on Russia sanctions
US Secretary of State Marco Rubio announced a 60-day pause to assess the impact of new Russia sanctions and tariffs on global energy prices and trading partners such as India.
US Secretary of State Marco Rubio announced that the Trump administration will take a 60-day pause to examine the effects of new Russia sanctions and potential tariffs on the global economy, energy prices, and trading partners such as India.
Speaking to the press ahead of his visit to Uzbekistan and India, US Secretary of State Marco Rubio stated that the war in Ukraine, the war with Iran, and Houthi military attacks against Saudi Arabia have already caused severe disruptions in global energy prices. Rubio emphasized that one of the grounds for granting waivers under the Lindsey Graham Act is these global developments and pressures on energy supply.
The Graham Act grants the president the authority to impose tariffs of up to 100 percent on the top five buyers of Russian energy, which could also target countries like US ally India. Rubio noted that India is diversifying its energy portfolio but continues to purchase energy from Russia, and because this transition process takes time, a 60-day review period is needed to find the right balance. President Donald Trump on Friday used the waiver provision in the Lindsey Graham Act to postpone tariffs that would have applied to purchases of Russian oil and gas by India and four other countries.