Donald Trump has announced that he has made a deal with Vladimir Putin that will allowing Russia to “immediately release” diesel into the global market.
Trump said on Truth Social the Russian President agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million after that.
He wrote: “Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!”
The controversial President’s announcement comes after diesel prices in the US doubled since the war with Iran began in February, over the conflict causing global supply issues.
The shortage has put pressure on Republicans ahead of the midterm elections due to the rising cost of living in the country.
The US Treasury Department has issued a temporary license to enable Russian diesel to flow to global markets through April 2027.
Moscow has been hit with waves of sanctions by the US and partners since its 2022 invasion of neighboring Ukraine.
Temporary US sanctions waivers this year to allow sales of Russian oil could complicate efforts to deprive Moscow of revenue needed for its war on Ukraine.
Trump’s announcement on Friday came as US, Ukrainian and European officials were due to hold talks in Miami in a fresh diplomatic effort to end Russia’s war in Ukraine.
Moscow, which launched its full-scale invasion in February 2022, occupies roughly one-fifth of Ukrainian territory.
Trump insisted that the “great announcement” on Russian energy would help lower costs quickly.
“Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority,” the US leader added.
This breaking news story is being updated.
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