Key facts
- President Donald Trump announced an agreement with Russian President Vladimir Putin to release Russian diesel into the global market.
- The US Treasury issued a temporary license allowing Russian diesel imports through April 7, 2027.
- The deal aims to lower record-high diesel prices for Americans and the global market.
- The average diesel price in the US is $6.28 a gallon, down from a September record of $6.53.
- Diesel prices in the US have doubled since the war with Iran began in February.
US President Donald Trump announced an agreement with Russian President Vladimir Putin to "immediately release" Russian diesel into the global market, aiming to lower record-high fuel prices. The US Treasury subsequently issued a temporary license allowing Russian diesel imports through April 7, 2027.
Trump stated on Truth Social that Putin had agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million thereafter. "Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!" Trump wrote.
Diesel prices in the US have doubled since the war with Iran began in February, increasing pressure on Republicans ahead of the midterm elections. The average diesel price in the US is currently $6.28 a gallon, according to AAA, down from the record high of $6.53 recorded at the end of September.
An envoy for Putin, Kirill Dmitriev, welcomed the deal, stating: "Russia-US co-operation on diesel and energy will benefit the world."