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ARTICLE · 22 OCTOBER 2026

Weekly Sanctions Update: October 19, 2026

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President Trump waives nearly all sanctions and tariffs under the Sanctioning Russia Act while Treasury targets Iran-linked banks and Cuba's financial sector. The UK expands its Global Human Rights sanctions regime and calls for tighter restrictions on Russia's shadow fleet, as the EU designates dozens for election interference and sanctions circumvention.

GlobalInternational Law
Steptoe LLP
Steptoe LLP

US Developments

President Waives Sanctions and Tariffs Under the Sanctioning Russia Act

On October 16, President Donald Trump issued an Executive Order (“E.O.”) implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, while waiving the application of nearly all sanctions, restrictions, and tariffs provided for under the Act. President Trump certified to Congress that the waivers are in the national interest of the United States, as required by section 115 of the Act.

The E.O. nominally imposes a 500 percent tariff on goods from Russia and 100 percent tariffs on goods from certain major purchasers of Russian oil and natural gas and countries that facilitate Russian oil sanctions evasion. However, the E.O. simultaneously waives those tariffs, as well as the Act’s sanctions concerning Russian officials and supporters, financial institutions, state-owned entities, and restrictions on fund transfers, securities trading, investment in and exports by Russia’s energy

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