Trump announced a deal to import Russian diesel into the United States, with the US Treasury suspending sanctions on Russian diesel exports until April 7. Trump said Putin agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million tonnes after that, with three million additional tonnes to follow depending on refinery conditions.
Ukraine's President Volodymyr Zelensky condemned the announcement as a gift to Putin that amounts to "an investment in a war that must be ended, not prolonged." He called for "a strong" conversation between the United States and Russia on Ukraine's defense.
Putin said Russia was willing to supply oil and petroleum products to US and global markets but did not specify amounts in his statement. An envoy for Putin, Kirill Dmitriev, welcomed the deal on social media, saying Russia-US cooperation on diesel and energy would benefit the world.
Investment strategist Tim Armitage at Quilter Cheviot questioned the deal's practical impact. He said the first tranche of 300,000 tonnes equated to approximately 2.25 million barrels, while daily US consumption runs around 3.8 million barrels. "So it won't make a material difference to pump prices in the US," Armitage said. He characterized the move as "a slightly desperate move by President Trump to try to lower inflation ahead of the midterms."
Analysts have also questioned whether Russia can provide the quantities Trump announced. According to the International Energy Agency, Russian diesel production fell by nearly 30 percent this year due to Ukrainian drone strikes on refineries. The BBC asked the White House what Russia would receive from the US in return for the commitment but did not report receiving clarification.
The US average diesel price stands at $6.28 per gallon, down from a September record high of $6.53, according to AAA data. The global benchmark Brent crude remains above $103 per barrel, compared to about $73 before the Iran conflict began in February.
The UK government said it would continue working with international partners to support Ukraine and maintain "the toughest sanctions regime ever imposed by the UK" on Russia.