Trump signs Russia sanctions law giving him tariff power over top buyers of Russian energy

The White House announced that on September 18 the President signed H.R. 5334, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. Per Baker McKenzie's summary, it authorizes tariffs of up to 100% on the five largest importers of Russian oil and gas and five sanctions-evasion facilitators, duties of up to 500% on Russian-origin goods, a national-interest waiver, and most actions within 30 days (by October 18). Al Jazeera reports the tariffs are discretionary, not automatic; India's foreign ministry vowed to protect its trade interests.

What it changes (interpretation): Washington gains a statute-backed tariff threat against China and India, but the waiver keeps Trump in control of its use. Its real value is as a bargaining chip: against New Delhi, which has no US trade deal yet, and against Beijing during the truce talks. Using it fully while Gulf supply is disrupted would push oil prices up, and US voters would feel that before the midterms. Expect threats and waivers rather than blanket tariffs.