Why are oil traders refusing to buy Russian diesel after Trump-Putin deal?
Summary
No Russian diesel has reached the United States under the October agreement between President Donald Trump and Russian President Vladimir Putin, despite four tankers carrying fuel from Russia. Three tankers have changed or left open their destinations, while the deal’s prices, payment terms and participating companies remain undisclosed.Key Facts
- Trump said Russia would make more than 300,000 tonnes of diesel available immediately, followed by 500,000 tonnes in November and 1 million tonnes later.
- The agreement allows Russian diesel to be sold, delivered, unloaded and imported until April 7.
- The US Treasury issued a temporary exemption from sanctions for the diesel shipments.
- Talisman and Leruo, which had declared US East Coast destinations, were reported heading toward Brazil and the Mediterranean, respectively.
- A third tanker changed its destination from New York to “for orders.”
- A fourth tanker, Beast, was reported sailing toward the US and signalling “Atlantic.”
- US retail diesel prices topped $6 a gallon in September and remained elevated.
- The deal’s price, payment terms and participating companies have not been disclosed.
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