The Financial Times initially reported the deal, under which Russia would immediately supply 300,000 tonnes of diesel, followed by another 500,000 tonnes in November and 1 million tonnes shortly thereafter. A further 3 million tonnes would be delivered within a short period, subject to the condition of Russian refineries.
Altura, a Turkish-owned crude oil tanker, transits the Bosphorus in Istanbul, Turkey, March 16, 2026. REUTERS/Yoruk Isik
Trump said the additional supplies would help drive down prices in the US and internationally, citing Washington’s control of the Strait of Hormuz alongside the agreement with Moscow. Wholesale diesel futures for delivery in New York Harbor fell about 4.5% to $4.67 per gallon following his announcement.
Diesel prices have surged as the wars in the Middle East and Ukraine disrupt supplies and damage energy infrastructure. US pump prices recently hit a record $6.53 a gallon, intensifying pressure on Trump ahead of November’s midterm elections. Wholesale diesel futures in New York fell 4.5% to $4.67 a gallon after his announcement, while Brent crude settled at $104.72 a barrel, up 0.4%.
Russia, a major diesel exporter, suspended overseas shipments this year after Ukrainian drone strikes damaged its refineries. The export restrictions were due to expire at the end of October.
Kirill Dmitriev, head of Russia’s sovereign wealth fund and a close Putin ally, said the arrangement followed a successful telephone conversation between the two presidents, adding that Russian-US energy and economic cooperation would continue.
The US Treasury said its Office of Foreign Assets Control was issuing a temporary general licence to permit Russian diesel supplies to the global market, easing restrictions to facilitate the shipments.
The agreement marks a significant pragmatic shift in Washington’s approach to Russian energy as the administration seeks to relieve domestic fuel-price pressures while maintaining its broader sanctions policy over Moscow’s war in Ukraine.
