Moscow, 23 October. Russian oil companies may export 500,000 tonnes of diesel fuel in October, and the first three tankers are already heading for the eastern coast of the Atlantic Ocean, Russian Deputy Prime Minister Alexander Novak said; most of the volume, he said, could come from Rosneft.
"In line with the previously announced agreements on saturating the global diesel market, Russia will ensure additional supplies of diesel fuel to world markets and to the United States. The ban on diesel exports has been eased, and companies may export 500,000 tonnes in October. The volume has been calculated on the basis of fully supplying the domestic market with diesel fuel," Novak said. The tankers, he said, were sent "with significant support from the RDIF", the Russian Direct Investment Fund; the fund's head Kirill Dmitriev said earlier that the US Treasury had asked the RDIF to help implement the deal, including with payments.
Novak did not specify which ports he meant. According to Reuters and LSEG ship-tracking data, the first tanker, the Maltese-flagged Agioi Fanendes, loaded 326,800 barrels of fuel at Primorsk on 22 October and is expected in New York on 7 November. Novak had earlier spoken of plans to restore diesel exports to 3–3.5 million tonnes a month by the end of the year.
Donald Trump announced the deal after a phone call with Vladimir Putin on 9 October. Trump wrote at the time that Russia would immediately supply more than 300,000 tonnes of diesel fuel to the American and global market, then 500,000 tonnes in November, 1 million tonnes "immediately thereafter" and another 3 million tonnes "within a short period of time". The same day the US Treasury issued a general licence exempting such supplies from sanctions until 7 April 2027.
The deal is being contested in Congress. On 16 October Democrat Gregory Meeks introduced a bill in the House of Representatives to revoke the licence and ban similar permits in future; it has 16 Democratic co-sponsors and one Republican. Senators from both parties had already come out against the deal.
What it means: Promises are turning into barrels: Russia has eased its diesel export ban, the first ships are at sea and the October quota is 500,000 tonnes. Meanwhile the US Congress is trying to stop the deal.
Who benefits: Diesel buyers in the United States and Europe, who get extra supply in an expensive market. Russian exporters, above all Rosneft, which gain revenue. Critics in Congress argue that the deal gives Moscow money for the war; according to Russian media, the agreement itself is aimed at lowering global fuel prices.
Background: Russia fully supplies its domestic diesel market, according to Novak, and the export volume has been calculated with that in mind. On 23 October Brent crude rose above $117 a barrel, its highest since March.
List of sources used: InfoTEK, Neft i Kapital, TASS, VZGLYAD, ABC News 4, Meduza, Expert
Artificial intelligence was used in preparing this material.
