Trump Waives Broad New Russia Sanctions, Drawing Criticism From Zelenskyy

What happened

President Donald Trump has waived the application of broad new sanctions on Russia that were created by the Graham Bill, legislation aimed at Moscow over its invasion of Ukraine. Trump had signed that bill into law.

Ukrainian President Volodymyr Zelenskyy publicly criticised the decision, describing the waiver as wrong.

Why it matters

Russia is a major exporter of crude oil, refined fuels and other commodities, so decisions that tighten or loosen sanctions change expectations about how much of that supply can reach international buyers and through which channels. Waivers and enforcement choices also affect banks, shippers and insurers that handle the trade.

Geopolitical and sanctions news of this kind typically reaches markets through energy pricing, through assets that investors use as a store of value such as gold, and through the dollar, which is both the main currency of commodity settlement and the instrument through which sanctions are applied. Public disagreement between Washington and Kyiv also feeds into how traders assess the path of the conflict and any negotiations around it.

What to watch

Further statements from the White House on how the waiver will be applied, and reaction from Ukraine's leadership and from lawmakers behind the sanctions legislation.