US, Oct. 19 -- Late on Friday, October 16, two days before the deadline, President Donald Trump signed an executive order suspending the sanctions, restrictions, and duties in the Lindsey O Graham Sanctioning Russia and Iran Act of 2026. "I am hereby waiving the application of such sanctions, restrictions, and duties provided for in the Graham Act," he wrote, certifying to Congress that the waiver serves "the national interest of the United States."

For New Delhi, the relief is real. The law, signed on September 18, empowered the President to impose tariffs of up to 100 per cent on goods from the top five buyers of Russian oil and gas, a list that includes India and China. The window to act opened on 18 October. Had Trump used it, India...