US President Donald Trump has granted a 60-day pause on sweeping sanctions and tariffs targeting Russia, according to US Secretary of State Marco Rubio. Rubio said Saturday that Trump wanted to use the period to 'analyse' what imposing both sanctions and tariffs would mean for the global economy and the US economy. The economic restrictions involved multiple countries beyond Russia, Rubio added.
The move comes two days before sanctions signed into law by Trump in September were due to take effect. That law, passed by Congress last month, included measures targeting Russian officials, oligarchs and financial institutions, and gave Trump authority to impose sanctions on major buyers of Russian oil and gas. The restrictions were designed to cut off funding sources to supporters of Russian President Vladimir Putin and his war on Ukraine.
Trump struck a deal with Kremlin leader Vladimir Putin to allow exports of Russian diesel in exchange for easing sanctions, Rubio explained. He noted that various global conflicts were impacting energy prices, including the US war on Iran and attacks on Saudi Arabia by Yemen's Houthis, which were affecting oil and diesel prices and economies worldwide.
The decision has drawn sharp criticism from US lawmakers on both sides of the political aisle. Republican Senator Thom Tillis called the move 'beyond irresponsible', while Senator Ted Cruz termed it 'a mistake'. Ukraine's President Volodymyr Zelensky said he feared the US would lift more sanctions on Russia and that Trump's action 'rewards' Putin.
Trump said late Saturday the decision would benefit the United States and the world, though he gave no further detail on how he reached the conclusion. For Nigerian savers, borrowers and businesses, the pause on sanctions could affect global oil and diesel prices, which impact import costs and production expenses in the country.