President Trump on Friday announced an agreement with Russian President Vladimir Putin to supply diesel fuel to U.S. and global markets.

“I have just concluded a highly successful discussion with President Vladimir Putin, of Russia, wherein it was agreed that Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter,” Trump wrote on Truth Social.

“Additionally, based on the condition of their Diesel Refineries, Russia will then deliver, within a short period of time, 3,000,000 Tons of Diesel Fuel. Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!” Trump continued.

“Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority. This is a very big and important announcement. Additionally, it must be understood, that Iran will not have a Nuclear Weapon!” he added.

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The Treasury Department temporarily waived sanctions on Russian diesel through April 2027 under a general license issued Friday.

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Diesel prices have surged around the world as Ukraine has pounded Russian refineries, forcing Moscow to ban diesel exports to the global market. Iran and its Houthi allies have also attacked refineries in the Middle East, further constraining fuel supplies.

Trump is under growing political pressure to take action to reduce fuel prices ahead of the November midterm elections. Republicans are facing competitive elections in conservative strongholds like Iowa where farmers are feeling the pinch from high diesel prices.

But the president has few options to reduce prices given the destruction done to global refining capacity by the wars in Eastern Europe and the Middle East.

Trump flirted with a diesel export ban last month but ultimately relented after the oil industry and big business warned a ban would just raise gasoline prices.

“Gas prices remain the highest they’ve ever been for this time of year. Current average diesel price is at $6.27 a gallon,” the New York Post stated.

The current average for regular gasoline is at $4.37 a gallon.

More from the New York Post:

Trump on Sept. 18 signed the “Lindsey Graham Sanctioning Russia and Iran Act of 2026,” which takes effect on Oct. 19, imposing a 500% tariff on Russian goods and allowing secondary sanctions on countries that buy Russian fuel.

Many of the provisions in that law can be waived by the president.

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Trump has vacillated between tough economic penalties on Russia to halt continuing invasion of Ukraine and reprieves as the US war with Iran causes increased energy costs and inflation.

Trump imposed major oil sanctions against Russia last October, but issued waivers this year to account for the disruption of the Iran conflict.

 

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