President Donald Trump said Friday that Russia had agreed to supply diesel to global markets in an effort to lower fuel prices, and his administration temporarily lifted U.S. sanctions on Russian fuel that were designed to deprive Moscow of revenues for its war on Ukraine. Prices for diesel, used for agriculture, heating homes and trucking, are near a record and have put Trump’s fellow Republicans at risk ahead of the Nov. 3 congressional elections that will determine whether they maintain thin control of Congress. Diesel prices fell after the announcement, but analysts said the deal may not be enough to keep them down.
Trump said on social media he had a “highly successful” discussion with President Vladimir Putin in which they agreed that Russia will immediately supply more than 300,000 metric tons of diesel to U.S. and global markets, equal to about 2.25 million barrels of fuel. The U.S. exports about 1.5 million barrels of diesel per day.
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