Symbolic imageRussia lifts diesel export ban after Trump-Putin deal, Europe keeps sanctions
Germany, the EU and Australia say they will not buy Russian diesel after the Trump-Putin deal. Analysts expect little effect on prices.
Trump announced on Friday, 9 October, after a call with Putin, that Russia would deliver more than 300,000 tonnes of diesel immediately to the US and world markets, with further volumes in November and later. The Kremlin confirmed the deal, and the US is temporarily lifting sanctions on Russian diesel. Russia then partially lifted its export ban with immediate effect, initially for 500,000 tonnes, TASS reported citing the government. Moscow had imposed the ban after Ukrainian drone strikes on refineries caused shortages at home.
Europe holds sanctions
Government spokesperson Stefan Kornelius said Berlin keeps its sanctions, and the economy ministry said Germany has bought no Russian oil products since 2023. EU foreign policy chief Kaja Kallas said the suspension gives Moscow more revenue and announced a 22nd sanctions package. Australian energy minister Chris Bowen said: "We don't need or want Russian fuel."
Kyiv objects
Zelensky told Axios the deal was "not fair and not honest". He was angered that US envoys Steve Witkoff and Jared Kushner were talking with Ukrainian negotiators in Miami while it was struck, without mentioning it.
Little price effect
IW economist Samina Sultan expects no significant change in world prices, as the immediate volume is too small. By FAZ's calculation it equals about 14 hours of US consumption. According to Tankerkönig, German pump prices showed no major moves by Saturday noon.