Trump, Putin diesel deal: What it means for US fuel prices, global markets and the Russia-Ukraine war | Explained
President Donald Trump says Russia will supply more than 300,000 metric tons of diesel immediately, with further shipments planned, as the US temporarily eases sanctions.
US President Donald Trump has announced a deal with Russian President Vladimir Putin to increase diesel supplies to global markets, amid soaring fuel prices that threaten to become a political liability for Republicans ahead of the November 3 congressional elections. The agreement allows Russia to supply more than 300,000 metric tons of diesel to US and global markets immediately, with additional volumes in November and immediately thereafter, depending on the condition of Russian diesel refineries damaged by Ukrainian attacks.
US Treasury Department has issued a licence permitting imports of Russian diesel until April 7. While the move could provide some relief to a tight diesel market, analysts have questioned whether it will bring sustained price reductions, with some describing the deal as a "nothing burger".
Brief written by urgent.news from Live Mint's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
