Trump announces deal with Putin to let Russian diesel into global market
US President Donald Trump says he has reached an agreement with Russian President Vladimir Putin to allow diesel supplies onto the world market. The aim is to lower fuel prices in the US, where diesel costs have doubled since February.
US President Donald Trump announced on 9 October that he has reached an agreement with Russian President Vladimir Putin that lets Moscow immediately release diesel fuel onto the global market, BBC reports. The deal matters because Washington is trying to bring down fuel prices, and rising living costs are putting pressure on Republicans ahead of the midterm elections.
Volumes planned
Trump said Putin had agreed to put 300,000 tonnes of diesel into circulation immediately, followed by 500,000 tonnes in November and a further one million tonnes after that. On the platform Truth Social he wrote that diesel prices for Americans and the whole world would fall by record amounts and quickly.
Official step and reaction
Shortly after Trump's statement, the US Treasury formally issued a temporary licence permitting Russian diesel to enter the market. Kirill Dmitriev, Putin's special envoy, welcomed the deal on social media. He said cooperation between Russia and the US in diesel and energy would benefit the world.
Price pressure in the US
Since the start of the war with Iran in February, diesel prices in the US have doubled. Rising cost-of-living pressures ahead of the midterm elections are putting strain on Republicans. This is the president's latest attempt to reduce fuel prices in the country.
