The tanker carrying Russian diesel will soon head towards the United States. Alexander Novak, the Deputy Prime Minister of Russia, announced that this tanker will depart from one of Russia's ports to the U.S. on Thursday, and this action is the result of an agreement made between Vladimir Putin and Donald Trump.
Details of the Shipment and Route
Novak noted in a conversation with reporters that the diesel shipment includes 40,000 tons, equivalent to 300,000 barrels. Although Novak did not mention the name of the port or the tanker, he emphasized that this shipment is the first of several that are planned to be sent in the future. This action follows an agreement signed during a phone call between Putin and Trump aimed at reducing restrictions on diesel exports to global markets, including the United States.
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Economic and Political Implications
The Russian government has announced that in the first phase, 500,000 tons of diesel will be sent to global markets; however, the exact timing of these shipments has not been specified. Trump hopes that this agreement will help reduce diesel prices, which are currently over $200 per barrel, especially with the midterm elections approaching on November 3.
Analysts believe that the agreement between Trump and Putin is so limited that it will not have a significant impact on prices before the elections. Meanwhile, this agreement has faced opposition from American and European lawmakers who are concerned that this move will bolster the Kremlin's treasury to continue the war in Ukraine.
Novak also announced that Russia intends to gradually increase diesel exports in November and December, and global deliveries are expected to reach 3.5 million tons per month by the end of this year.
Trump has also claimed that this agreement could pave the way for a peace agreement with Ukraine, as it will help continue negotiations. However, Volodymyr Zelensky, the President of Ukraine, responded to this claim by saying that Trump is trying to pressure Kyiv to surrender to Moscow.
Meanwhile, Steve Biegun, Trump's special representative, traveled to St. Petersburg on Wednesday to meet with Putin. Zelensky also met with Biegun in Oslo on Tuesday.
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