Russian diesel will start flowing to the US market within 15-20 days after commercial supply contracts are signed, Deputy Prime Minister Alexander Novak said.
Novak recalled that Russia is ready to increase supplies from 500,000 tonnes to 3.5 million tonnes per month, provided Russian refineries are operational.
"Active work is underway between the Russian Energy Ministry and the US Department of Energy, in full contact, between Russian exporting companies and buyers of Russian diesel. The US Department of Energy has identified the companies that will be counterparties and buyers. Negotiations are currently ongoing on commercial terms, effectively on concluding contracts. As soon as they are signed, within 15-20 days the fuel will arrive on the markets, meaning the US markets. If we talk about other global markets in closer countries, then in shorter timeframes," the deputy prime minister said.
Novak noted that under the Russian-American agreements on diesel, sanctions have been lifted for six months, and according to the issued OFAC license, "both transportation and insurance are not subject to sanctions, these transactions can be carried out."
The deputy prime minister recalled that the resumption of Russian diesel exports became possible due to a surplus that has formed on the domestic market.
"In order for our refineries not to reduce processing volumes, since there is nowhere to store this surplus, we must place the volumes on global markets," Novak said.