The story so far: Less than a month after he signed into law an Act that would see tariffs of up to 100% on countries that import large amounts of Russian oil and gas, U.S. President Donald Trump on October 10, 2026, announced a deal with Russia that would allow it to sell diesel to the U.S. and the global open market. The next day, Mr. Trump also announced an ‘energy ceasefire’ between Russia and Ukraine. All of this has implications for India, its energy sector, and its trade.

On October 10, 2026, Mr. Trump took to Truth Social to say he has concluded “a highly successful discussion” with Russian President Vladimir Putin in which it was agreed that Russia would “immediately” supply over 300,000 tonnes of diesel to the U.S. and to the global market, another 500,000 tonnes in November, and 1 million tonnes “immediately thereafter”.