The indefinite suspension by US President Donald Trump of certain provisions of the Graham Act that call for imposing sanctions on Russia is a “historic moment,” asserted Kirill Dmitriev, Special Presidential Representative for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund.

“The suspension of some of the provisions of the Graham Act marks an important and truly historic moment,” Dmitriev posted. “The legislation underwent fundamental and deeply negative changes following Senator Graham’s death. These provisions could have effectively brought all economic cooperation between Russia and the United States to a complete halt, inflicting serious damage primarily on the U.S. economy and global markets.”

“Economic cooperation between Russia and the United States serves the interests of both nations, contributes to global economic stability, and lays the foundation for building trust and achieving lasting peace,” Dmitriev added.

The statement follows the issuance of an executive order on Oct. 16 by President Trump saying that he would not impose a number of sanctions under the new law which would tighten restrictions against Russia.