Putin says Russia won’t supply diesel to global markets until sanctions are lifted

President Vladimir Putin said on Thursday that Russia would not supply its diesel to global energy markets until sanctions against Moscow were lifted.

Speaking at the Valdai Forum of international Russia experts in Moscow, Putin said Ukraine had “partially achieved its objectives” with strikes on Russian oil refineries, which he said had cost Russia 1% of its gross domestic product.

But Russia was now responding in kind, he said.

US President Donald Trump said last month that Ukrainian attacks on Russian production facilities were causing a global diesel shortage and pushing up prices, and urged Kyiv to halt them.

Putin said Russia had enough diesel, “but it won’t reach global markets because of the bans and sanctions in place against our oil and petroleum products”.

Russia this week extended a ban on diesel exports for fuel producers until the end of October, adding further strain to a global energy market already rattled by wars and supply shortages.

Diesel prices in the US have shot to records above $6.50 a gallon as the wars in Iran and Ukraine constrain fuel deliveries, posing a political risk for Trump ahead of the US midterm elections.

Credit: Reuters