Now, Ukraine and its European backers are left with a narrowing set of options. Pulled with discipline, however, the levers they hold can still keep Russian President Vladimir Putin’s war on a tightening clock.
A cure that feeds the disease
After an Oct. 9 phone call with Putin, President Trump directed the Treasury to reopen American ports to Russian diesel through April 2027. On paper, the deal promises 4.8 million tons of fuel. In reality, the promise amounts to roughly 10 days of U.S. demand, and analysts doubt that Moscow can ship even that much after months of Ukrainian strikes on the refineries that would fill the tankers.
Carnegie’s Sergey Vakulenko calls the arrangement “largely for show,” yet for a Kremlin watching its September oil and gas tax revenues plunge 22% year-over-year, the spectacle is the prize. What former U.S. Ambassador Michael McFaul condemned as “absolutely deplorable,” and Zelenskyy called “a gift to Putin,” was followed a week later by a concession of far greater strategic weight. Two days before the Russia provisions of the Graham sanctions act were scheduled to bite, an executive order waived them. In a single stroke, the White House neutralized both the 100 and 500% tariffs and stripped out the clause locking existing sanctions in place.