Key facts
- Deal to temporarily lift sanctions on Russian diesel imports announced by President Trump.
- The agreement includes immediate release of 300,000 tonnes of diesel, with more to follow.
- US diesel prices have risen nearly 70% to about $6.30 a gallon.
- Analysts suggest the quantities and timing are insufficient to impact current high prices.
- Ukrainian President Zelenskyy criticized the deal, while Trump blamed Ukraine for high prices.
US President Donald Trump announced a deal with Russia to temporarily lift sanctions on US imports of Russian diesel, aiming to lower soaring fuel costs. The agreement involves an immediate release of 300,000 tonnes of diesel, with further shipments planned for November and beyond. However, energy and foreign policy analysts predict the deal will have little meaningful impact on motorists and businesses in the US and overseas.
Analysts point to the small quantities and the time required for transport as reasons why the diesel shipments will be "too little, too late" to affect current high prices. US diesel prices have surged by almost 70% since the start of the Iran war, reaching about $6.30 a gallon. The quantities involved are estimated to be about three-quarters of daily US consumption.
Ukrainian President Volodymyr Zelenskyy criticized the deal as a "weak decision" that would encourage Russia's continued attacks. Trump, however, blamed Ukraine's strikes on Russian energy infrastructure for the rising fuel prices and suggested Ukraine needed "a new leader." Trump later posted that an "ENERGY CEASEFIRE" was in effect between Russia and Ukraine.