Trump Waives New Russia Sanctions and Tariffs on Oil Buyers as Brent Tops $111 and Nasdaq 100 Falls 5.5% in a Week

President Donald Trump waived key Russia sanctions on Friday, along with tariffs of up to 100% on buyers of Russian oil and gas. The measures were days away from taking effect under a law he signed last month. US News reports that the executive order both created and blocked a 500% tariff on Russian goods and the secondary tariffs on countries that buy Russian energy or help Moscow evade oil sanctions. The order cites a certification to Congress that the waiver is "in the national interests of the United States."

NBC News reports that the waiver followed by one week an agreement Trump announced with Russian President Vladimir Putin to increase Russian diesel supplies to US and global markets. Trump said that deal was meant to lower costs. Coverage from Indian outlets focused on which countries would avoid the tariffs. Swarajya noted that the suspended tariffs would have fallen hardest on India and China, the largest buyers of Russian crude.

The energy and equity backdrop explains the choice. Brent crude rose above $111 on October 16. The Nasdaq 100 closed the week down 5.5%, which Cointelegraph called its largest weekly decline since April 2025, and it now sits 7% below a high set ten days earlier. Television host Jim Cramer said oil and a possible hedge fund blowup made it one of the worst days of the year. No fund has been named, and the claim remains unconfirmed.

Crypto moved less than equities. CoinDesk reported bitcoin little changed near $82,100 while Federal Reserve Chair Kevin Warsh gave no signal on rates, and celestia rose 16%. CoinShares told Bitcoin Magazine that hot inflation data is putting bitcoin under pressure, but that a "difficult" market is different from a bearish one.