President Trump announced Russia has agreed to provide the world with millions of tons of diesel fuel over the next several months in a bid to decrease skyrocketing global prices. 

In a Truth Social post, the president said he had just gotten off the phone with Russian President Vladimir Putin, who had agreed to release 300,000 tons of diesel immediately. He said another 500,000 tons of diesel would be released in November, followed by 1 million tons in December.

“Additionally, based on the condition of their Diesel Refineries, Russia will then deliver, within a short period of time, 3,000,000 Tons of Diesel Fuel,” Mr. Trump continued.

The Treasury Department also announced Friday that it would temporarily waive sanctions on Russia’s energy sector to “allow the supply of Russian diesel to the global market.”

In a statement from the Kremlin later Friday, Putin confirmed he and Mr. Trump spoke on the phone and that “Russia confirmed its readiness to supply oil and petroleum products to the American and global markets,” and he was “confident this will have a positive impact on the entire global economy.”

“An agreement was confirmed to continue personal contacts between the presidents of the two countries, as well as cooperation between the presidential administrations, special services, and other agencies,” Putin’s statement added.

The statement said Putin and Mr. Trump’s call touched on “the prospects for resolving the Ukrainian crisis, and the situation surrounding Iran and various aspects of bilateral relations.”

Ukrainian President Volodymyr Zelenskyy blasted the deal in a social media post, saying any easing of sanctions against Russia is a “weakness.”

“Gifts to Putin will not bring peace or any benefit to the civilized world,” Zelenskyy said in the post. “Russia will ‘repay’ the diesel with further terror and perfidy. Allowing Russia to sell petroleum products is an investment in a war that must be ended, not prolonged. What is needed is real de-escalation with Russia on a reciprocal basis.” 

The moves by the Trump administration mark a reversal of the tight sanctions that have constrained Russia’s economy since Putin launched a full-scale invasion of Ukraine in 2022. Last month, Mr. Trump signed a bill designed to make it even harder for Russia to profit off oil and gas exports by imposing steep tariffs on the largest buyers of Russian energy.

Mr. Trump had earlier teased a “big announcement coming up on diesel” during remarks Friday at a Columbus Day celebration, but offered little information to speculate on what the announcement would be about.

Mr. Trump pointed out Energy Secretary Chris Wright and said he was “doing a great job.”

“We have, I think, some big news on that diesel situation,” the president said. “We’re gonna be knocking the hell out of it. And remember, what have we done? We stopped Iran from having a nuclear weapon. That’s big time. And the prices — the prices will come tumbling.”

Diesel prices have skyrocketed in recent months amid the war with Iran. The average price of a gallon of diesel is $6.28, according to AAA, which is up from $5.94 a month ago and $3.68 a year ago. 

Diesel had never previously crossed $6 a gallon until just before Labor Day weekend. The record, hit on Sept. 22, was $6.53 per gallon. Diesel is widely used in the trucking, agriculture and construction sectors, so it’s a factor for nearly every type of good, including groceries.

The Trump administration has looked into several ways to lower diesel prices, most recently signing an executive order this week allowing the use of red-dyed diesel on highways. Red-dyed diesel is exempt from the federal tax of 24.4 cents a gallon that applies to regular diesel.

The president also argued Thursday that the U.S. has “TOTAL CONTROL” over the Strait of Hormuz, as American forces escort millions of barrels of crude oil through the waterway every night. Iran has continued to target some of those ships, however, including one earlier on Friday.

“Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!” Mr. Trump wrote on Truth Social. “Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority. This is a very big and important announcement.”