President Trump announced that Russia has agreed to supply the world with millions of tons of diesel fuel over the coming months in an effort to lower skyrocketing global prices.
In a Truth Social article, the president said he had just had a phone call with Russian President Vladimir Putin, who agreed to immediately release 300,000 tons of diesel. He said another 500,000 tonnes of diesel would be released in November, followed by 1 million tonnes in December.
“In addition, depending on the condition of its diesel refineries, Russia will deliver, in a short period of time, 3,000,000 tons of diesel fuel,” Mr. Trump continued.
The Treasury Department also announced Friday that it would temporarily lift sanctions against the Russian energy sector to “enable the supply of Russian diesel to the global market.”
In a Kremlin statement later on Friday, Putin confirmed that he and Mr. Trump had spoken on the phone and that “Russia had confirmed its willingness to supply oil and oil products to the U.S. and global markets,” and he was “confident that this would have a positive impact on the entire global economy.”
“An agreement was confirmed to continue personal contacts between the presidents of the two countries, as well as cooperation between presidential administrations, special services and other agencies,” Putin’s statement added.
The statement said Putin and Trump’s call focused on “the prospects for resolving the Ukrainian crisis, the situation around Iran and various aspects of bilateral relations.”
Ukrainian President Volodymyr Zelensky blasted the deal in a social media post, saying any easing of sanctions against Russia was a “weakness.”
“Gifts to Putin will not bring peace or any benefit to the civilized world,” Zelenskyy said in his message. “Russia will ‘pay back’ for diesel with more terror and perfidy. Allowing Russia to sell oil products is an investment in a war that must end, not continue. What is needed is real de-escalation with Russia on a reciprocal basis.”
The Trump administration’s moves mark a reversal of tough sanctions that have constrained the Russian economy since Putin launched a full-scale invasion of Ukraine in 2022. Last month, Mr. Trump signed an invoice designed to make it even harder for Russia to profit from oil and gas exports by imposing high tariffs on the biggest buyers of Russian energy.
Kevin Dietsch/Getty Images 
Mr. Trump had previously discussed a “big announcement coming on diesel” during a speech Friday at a Columbus Day celebration, but offered little information to speculate on what the announcement would be about.
Mr. Trump pointed the finger at Energy Secretary Chris Wright and said he was “doing a great job.”
“We have, I think, some big news on the diesel situation,” the president said. “We’re going to get through this. And remember, what did we do? We stopped Iran from getting nuclear weapons. This is a big moment. And prices, prices are going to fall.”
Diesel prices have soared in recent months due to the war with Iran. The average price for a gallon of diesel is $6.28, according to AAA, up from $5.94 a month ago and $3.68 a year ago.
Diesel had never topped $6 a gallon until just before Labor Day weekend. The record, reached on September 22, was $6.53 per gallon. Diesel is widely used in the trucking, agriculture and construction industries. It is therefore used in the manufacture of almost all types of products, including groceries.
The Trump administration has explored several ways to reduce diesel prices and recently signed an executive order this week. authorizing the use of red-tinted diesel on the highways. Red-dyed diesel is exempt from the 24.4 cents per gallon federal tax that applies to regular diesel.
The president also asserted Thursday that the United States has “TOTAL CONTROL” over the Strait of Hormuz, as American forces escort millions of barrels of crude oil through the waterway each night. Iran, however, continued to target some of these ships, including one earlier on Friday.
“Between our TOTAL CONTROL of the Strait of Hormuz and this big announcement on Russian energy, diesel prices for Americans and, indeed, the world, will FALL, IN RECORD NUMBERS, AND FAST!” Mr. Trump wrote at Truth Social. “Lowering prices for Americans, especially our large farmers, ranchers and truckers, is my highest priority. This is a very important announcement.”
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