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Trump announces agreement with Putin to release Russian diesel to lower prices
Overview
US President Donald Trump has announced a deal with Russian President Vladimir Putin to release Russian diesel into the global market in an effort to reduce soaring fuel costs. Following the announcement, the US Treasury issued a temporary license allowing Russian diesel imports, which was welcomed by Russian envoy Kirill Dmitriev.
Key points
- US President Donald Trump announced an agreement with Russian President Vladimir Putin to immediately release Russian diesel into the global market.
- The plan involves releasing 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and one million tonnes thereafter.
- US diesel prices have doubled since the war with Iran began in February, reaching an average of $6.28 a gallon.
- The US Treasury has formally issued a temporary license to permit Russian diesel into the market following the announcement.