The decision concerns sanctions, restrictions and tariffs included in a legislative package that the president signed on September 18. It was due to take effect within days, but Donald Trump has now halted it.
"I have submitted a declaration to Congress that such a repeal is currently in the national interest of the United States," he writes in the presidential order.
The legislative package was spearheaded by the late Senator Lindsey Graham and includes tariffs of up to 100 percent on goods imported into the United States from the five largest importers of Russian oil or gas, Reuters reports.