Economy
Trump eases Russia sanctions, says Putin will release diesel supplies
NBC News · 4 hours ago · Read the Full Story on NBC News
AI SUMMARY
President Donald Trump announced that the U.S. is easing sanctions on Russian diesel through April 2027 after reaching an agreement for Vladimir Putin to release fuel supplies to lower global prices.
- President Donald Trump announced on Truth Social that Russian President Vladimir Putin will immediately release hundreds of thousands of tons of diesel fuel to the global market.
- The U.S. Treasury Department announced it is easing sanctions on Russian diesel through April 7, 2027, via a temporary general license issued by OFAC.
- Putin confirmed Russia's readiness to supply oil and petroleum products to the U.S. and global markets without offering specific timelines or volume details.
- Diesel fuel prices have soared nearly 70% since the start of the Iran war in February, with escalations in the Russia-Ukraine war pushing prices to all-time records.
- The Kremlin imposed a diesel export ban in July following Ukrainian attacks on Russian energy assets, which Russian deputy prime minister Alexander Novak stated would now be lifted.
- Ukrainian President Volodymyr Zelenskyy criticized the sanctions relief as an obvious weakness that plays into Russia's hands and helps sustain its war machine.
- Diesel futures fell 4% on Friday following Trump's announcement, though they remain up more than 110% for the year, while Brent crude oil traded down 0.3% at around $104 per barrel.
- Ukrainian negotiators departed for the U.S. for talks aimed at ending the war, though it remained unclear if discussions would proceed as planned following the sanctions waiver.
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