Named after late senator Lindsey O. Graham, it simultaneously establishes a mechanism to impose very high duties on Russian and countries that import Russia's oil and gas and waivers the application of such sanctions.
The executive order imposes 500 percent tariffs on all imports from Russia and duties of up to 100 percent on the top five purchasers of Russian energy product and five countries deemed the largest facilitators of Russian oil sanctions evasion.
However, President Trump also decided to exempt these tariffs, along with various other sanctions under the Lindsey O. Graham Act issued on September 18.
The White House said such an exemption was in the national interest of the United States and that Congress had been notified in accordance with the law.
The executive order did not specify an end date for these exemptions. The Trump administration may still reinstate the sanctions when deemed necessary, and will continue to monitor purchases of Russian oil and gas and attempts to evade sanctions.
Sanctions against Russia already in effect remain in place and are not automatically lifted.
