Trump announces deal for Russian diesel as Zelensky calls it a gift to Putin

Tim Armitage, investment strategist at Quilter Cheviot, said the numbers mentioned by Trump were “relatively small”.

He said the first tranche equated to approximately 2.25m barrels, and daily US consumption was around 3.8m barrels, “so it won’t make a material difference to pump prices in the US”.

“Granted, there are then two more releases to come, but it does appear to be a slightly desperate move by President Trump to try to lower inflation ahead of the midterms.”

The BBC has asked the White House what Russia will get from the US in return for the commitment.

Meanwhile, the UK government spokesperson said its position “could not be clearer” and it would continue working with international partners to support Ukraine and bring about sustained peace.

“We will also maintain pressure on Russia through the toughest sanctions regime ever imposed by the UK, increasing the cost of Putin’s aggression and supporting efforts to secure a just and lasting peace.”

Friday’s announcement is the latest effort from Trump to lower fuel prices in the US, as he has spent months grappling with the political consequences of the Iran war, which began in February, and its impact on global energy prices.

That conflict has sent the cost of petrol and, in particular diesel, skyrocketing in America in recent months, which has soured his standing with the public who have been stung by the higher pump prices and knock-on effects that led to across-the board inflation.

The average diesel price in the US is currently $6.28 (£4.74) a gallon, according to the AAA, down from the record high of $6.53 recorded at the end of September.

Shortly after Trump’s announcement, the US Treasury formally issued a temporary licence allowing Russian diesel into the market.

Putin said in a statement that he had spoken to Trump about the global energy situation on Friday, adding: “The Russian side confirmed its willingness to supply oil and petroleum products to the US market and global markets at large.”

An envoy for Putin, Kirill Dmitriev, welcomed the deal on social media, saying: “Russia-US co-operation on diesel and energy will benefit the world.”

A spokesperson for the UK government said: “The UK’s position could not be clearer. We will continue working closely with international partners to ensure Ukraine has the military and financial support it needs to defend itself.”

They added that the government would continue to “maintain pressure on Russia through the toughest sanctions regime ever imposed by UK”.

“Russia could end this war today. We remain committed to supporting Ukraine for as long as it takes and to working with partners to bring about a durable peace.”

Russia has this year experienced two waves of severe fuel shortages across the country as a result of Ukrainian drone strikes on Russian oil refineries.

According to the International Energy Agency, its diesel production is estimated to have fallen by nearly 30%.

Trump has expressed his displeasure over those attacks, blaming them for rising fuel prices.

But Zelensky defended the strikes on Friday, saying there were in response to “Russia’s years-long campaign of terror against Ukraine’s energy sector”.

“Ukraine will not set Russian oil refineries on fire if Russia does not destroy our energy infrastructure,” he said.