Russia expects the first diesel cargo under a fuel-supply arrangement with the United States to leave port on Thursday, Deputy Prime Minister Alexander Novak said.
Speaking to reporters on Wednesday, Novak said the first tanker was scheduled to depart the following day and that further cargoes would follow. He did not identify the loading port, supplier or vessel.
Context: Tanker freight rates explained
According to Tass, the tanker has capacity for 40,000 metric tons of diesel, equivalent to roughly 300,000 barrels.
Operational context
The planned shipment follows a phone call earlier this month between Russian President Vladimir Putin and US President Donald Trump. Under the arrangement, Putin agreed to ease diesel-export restrictions and increase supplies to the global market, including the US.
Russia has pledged to supply 500,000 tons of diesel in an initial phase, although no detailed delivery schedule has been disclosed. Novak has also said Russia intends to increase diesel exports gradually during November and December, with worldwide shipments potentially reaching as much as 3.5 million tons per month by the end of the year.
The supply initiative comes as diesel prices have remained above $200 a barrel ahead of the US midterm elections on Nov. 3. The elevated cost of diesel has also raised concerns beyond the US, with energy inflation seen as a potential factor that could pressure central banks globally to maintain or raise interest rates.
Analysts have said the announced Russian volumes may be too limited to have a meaningful impact on diesel prices before the US vote. The arrangement has also drawn opposition from lawmakers in the US and Europe, who argue that additional fuel sales could increase revenue flowing to the Kremlin during the war in Ukraine.
Trump has said the arrangement could help sustain discussions that may lead to a peace agreement with Ukraine. Ukrainian President Volodymyr Zelenskyy, however, told Bloomberg that the US president was seeking to pressure Kyiv rather than Moscow.
Separately, Trump’s special envoy Steve Witkoff arrived in St. Petersburg on Wednesday for a meeting with Putin, while Zelenskyy met Witkoff in Oslo on Tuesday.
For shipping markets, the departure of the first cargo would provide the initial operational indication of how Russia plans to implement the pledged diesel volumes, including the pace at which further shipments may enter international trade.