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The Russian government announced that it has partially lifted its ban on diesel fuel exports, citing an understanding reached between President Vladimir Putin and US President Donald Trump. The decision took effect on the day of the announcement.

The initial stage of the rollback allows 500,000 tons of diesel to be shipped to global markets, according to the government's written statement. Russian oil companies are expected to start signing export contracts with foreign buyers in coordination with the authorities.

Deputy Prime Minister Aleksandr Novak said the move would not harm domestic consumers. "Our production volumes allow us to fully meet the needs of both the domestic market and the export amounts mentioned," he said. Russia had barred non-producers from exporting diesel starting January 31 and extended the ban to producers themselves on July 9.

Key Takeaways

• Russia partially lifted its diesel export ban under an understanding between Putin and Trump.
• The first stage permits 500,000 tons of diesel to be shipped to world markets.
• Deputy PM Novak said domestic supply will not be affected.