Trump says Putin will release diesel fuel into global market
President Trump announced that Russia will release diesel fuel into the global market to help lower prices, supported by a temporary easing of US sanctions. The move follows significant price spikes in diesel fuel caused by the ongoing Russia-Ukraine conflict.
Why it matters
This policy shift represents a major change in US-Russia economic relations and could have significant impacts on global energy prices and inflation.
President Donald Trump said Friday that Russian President Vladimir Putin would “immediately” release hundreds of thousands of tons of diesel fuel onto the global market. Trump made the announcement on Truth Social and said the action would will help bring diesel prices down. Since its illegal invasion of Ukraine, wide-ranging sanctions have been applied to Russia. In order to get the diesel fuel moved, the Treasury Department simultaneously announced Friday that it would be easing sanctions on Russia through April 7. “Today, at President Trump’s direction, the Office of Foreign Assets Control (OFAC) is immediately issuing a temporary general license to allow the supply of Russian diesel to the global market,” the Treasury Department said on X.
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