President Donald Trump announced that Russian President Vladimir Putin has agreed to immediately release 300,000 tons of diesel fuel into global and U.S. markets, with millions more tons to follow over the coming months. This move is intended to tame price hikes for the critical fuel following talks between the two leaders.
The administration is seeking to lower costs as diesel prices in the U.S. have doubled since the war with Iran began in February, rattling voters and putting pressure on Republicans ahead of the midterms. Trump has had few options to reduce these prices given the destruction of refineries caused by wars in the Middle East and Eastern Europe.
This development reverses years of economic pressure on the Russian economy. The U.S. has not imported Russian oil or gas since 2022, when the Biden administration banned them following Moscow's full-scale invasion of Ukraine. Russia currently occupies roughly one-fifth of Ukrainian territory.
The announcement came as U.S., Ukrainian, and European officials were due to hold talks in Miami. These discussions represent a fresh diplomatic effort to end the war in Ukraine.