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Trump announces Russian diesel supply deal with Putin; OFAC issues temporary general license
Trump said Putin agreed to immediately supply over 300,000 tonnes of diesel to US and global markets, with 500,000 more tonnes in November; the US Treasury's OFAC issued General License No. 135 authorizing Russian-origin diesel transactions until April 7, 2027.
Why it matters
This is a major reversal in US sanctions policy since the Russia-Ukraine war. On October 9, the Treasury's Office of Foreign Assets Control (OFAC) issued General License No. 135, authorizing transactions related to the sale, delivery, offloading and importation of Russian-origin diesel fuel, valid until 12:01 a.m. EDT on April 7, 2027. Signed by OFAC Director Bradley T. Smith, the license maintains financial restrictions on the Central Bank of Russia, the Russian National Wealth Fund and the Russian Ministry of Finance — a temporary carve-out, not a full lifting of sanctions.
What was agreed
Following a phone call with Vladimir Putin, Trump wrote on Truth Social on October 9 that Putin had agreed to immediately make over 300,000 tonnes of diesel available to the US and global markets, followed by 500,000 tonnes in November, 1 million tonnes shortly after, and potentially 3 million more tonnes depending on the condition of Russia's refineries. He said diesel prices for Americans and the world would fall "IN RECORD NUMBERS, AND FAST."
Background
US diesel averaged $6.28 per gallon, per AAA, down from a record $6.53 at the end of September; prices have doubled since the war in Iran began in February. Ukrainian drone strikes hit Russian refineries twice this year, and the International Energy Agency estimates Russian diesel output has fallen nearly 30%. The November 3 midterm elections are less than a month away, with the cost of living a key pressure point for Republicans.
Reactions
Putin's economic envoy Kirill Dmitriev welcomed the deal on social media, saying "Russia-US cooperation on diesel and energy will benefit the world." Ukraine's President Volodymyr Zelenskyy hit back: "gifts to Putin will not work for peace," calling the easing "an investment in a war that must be ended, not prolonged."
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