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US sanctions policy and energy exports dominated the day: Washington suspended the Graham Act measures, Russia detailed planned diesel exports to the US, and Moscow's officials commented on LNG flows to Europe, the oil market deficit and refinery support.
US President Donald Trump informed Congress that he is suspending the sanctions and duties provided for by the Graham Act, which required measures by 18 October. The order provides for 100% duties on the five largest buyers of Russian oil and gas and 500% duties on imports from Russia, but puts them on hold immediately. Interfax, citing US media, reports that sanctions imposed before the Act remain in force and that the president can revive the measures at any time. For foreign businesses, the measures are suspended rather than cancelled.
Source: Interfax, 17 Oct 2026
Deputy Prime Minister Alexander Novak said Russian diesel will reach the US 15-20 days after commercial contracts are signed; talks on terms are under way with buyers named by the US Department of Energy. Russia can raise supplies from 500,000 tonnes to 3.5 million tonnes per month, provided refineries operate. A temporary OFAC general licence, issued after the 9 October Trump-Putin call, runs to April and covers transport and insurance. Novak said exports are possible because of a surplus on the domestic market.
Source: Interfax, 18 Oct 2026
Novak said Russia delivered 12 million tonnes of LNG to Europe in the first nine months of 2026, more than a year earlier. He attributed this to European buyers seeking to stock up before 1 January 2027, when the EU bans imports under long-term contracts; the ban on short-term contracts took effect in April. Novak put the Russian share of the European LNG market at about 20%. The figures are Novak's statements, not independent data.
Source: Interfax, 18 Oct 2026
Novak said IEA members have decided to release about 500 million barrels from reserves, while Russia estimates the market has lost 2.2 billion barrels. He said stabilisation after the Strait of Hormuz fully reopens would take 1-1.5 years, and that restocking later would weigh on demand. Interfax reports that about 325 million barrels of the 412 million barrels pledged in March have reached the market.
Source: Interfax, 17 Oct 2026
The Russian government moved the deadline for refinery modernisation under Energy Ministry agreements from 1 July 2026 to 1 July 2027. The agreements entitle oil companies to the reverse excise on crude. Companies seeking the extension must have invested at least 100 billion rubles, up from 60 billion rubles previously. The change keeps refiners eligible for the tax refund despite missed schedules.
Source: Interfax, 17 Oct 2026
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