However, the Act included a built-in escape clause, allowing the President to waive sanctions after notifying Congress that he deemed them contrary to the national interest.
Friday’s executive order said the waiver would remain in effect until Trump or senior officials decided “further action is appropriate.”
Russia’s investment envoy Kirill Dmitriev hailed it as “a truly historic moment,” writing on social media that the penalties, had they taken effect, could have effectively ended all economic cooperation between the two countries.
Analysts have noted the sanctions could have pushed oil prices higher at a moment when American consumers are already grappling with rising costs, largely linked to the US-Israeli conflict with Iran.
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