Russia lifts diesel fuel export ban, future volume of supplies could reach 3 mln tonnes per month - Novak

MOSCOW. Oct 12 (Interfax) - Russia has immediately begun lifting the restrictions on its diesel fuel export before they were due to expire, the volume of the fuel supplies in the medium-term may reach 3 million tonnes a month, Russian Deputy Prime Minister Alexander Novak told journalists on Saturday.

"Russia is assessing positively the U.S. steps aimed at stabilizing the world energy market and gradually restoring normal trade in energy resources, and is ready for a future coordination of efforts aimed at creating a more predictable and healthier market," Novak said.

Russia is ready to deliver 300,000 tonnes of diesel fuel to the United States and other partners as early as this month, and could increase that volume to 500,000 tonnes in November and to one million tonnes in December, he said.

"Going forward, the volume could grow to 3 million tonnes per month. The Russian market, meanwhile, will also be supplied with diesel," Novak said.

It was reported that the U.S. Treasury Department Office for Foreign Assets Control (OFAC) would, on President Donald Trump's instruction, immediately issue a temporary general license to release Russian diesel fuel into the world market.

Trump said on Friday that he and Russian President Vladimir Putin had spoken by phone to discuss the issue. "I have just concluded a highly successful discussion with President Vladimir Putin, of Russia, wherein it was agreed that Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter," Trump said on Truth Social.

Reports of the Russian-U.S. diesel deal caused a jump on Russia's stock exchange, during the evening trading session the MOEX Index rose above 2,400 points. Shares in Rosneft rose by 9%, in Lukoil , by 6%, and Gazprom Neft , by 5%.