US President Donald Trump announced an agreement with Russian President Vladimir Putin to supply millions of tons of Russian diesel to global and American markets to lower fuel costs ahead of the midterm elections.
Key points
- Russia will immediately release 300,000 tonnes of diesel, followed by 500,000 tonnes in November and an additional one million tonnes afterward.
- The US Treasury issued a temporary license permitting Russian diesel onto the market following the announcement.
- Global and US diesel prices have surged amid ongoing conflicts affecting refineries in the Middle East and Ukraine.
Why it matters
The deal aims to lower surging diesel prices and ease cost-of-living pressures for consumers and businesses ahead of US midterm elections.
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