This executive order implements the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 (Act), which authorizes the president to impose duties of up to 500% on imports from Russia and duties of up to 100% on imports from countries that continue purchasing Russian oil or gas or facilitate evasion of Russian oil sanctions, as well as sanctions on certain persons affiliated with or supporting the Russian government, financial institutions affiliated with the Russian government and entities owned or controlled by the Russian government.

The executive order entered by Trump implements sanctions set by the Act, including 500% on goods from Russia and 100% on goods from certain countries that keep buying Russian oil and gas or help Russia evade oil sanctions. However, the executive order then waives those sanctions, as is allowed by the Act. The stated reason for the waiver is that it is in the national interest of the United States to do so. The waiver will remain in effect until such time as the president or secretary of state determines further action is appropriate.