US President Donald Trump announced an “energy ceasefire” between Russia and Ukraine. He is pushing Ukrainian President Volodymyr Zelenskyy to stop bombing Russian oil refineries, Moneyweb reported.
The move follows a deal Trump reached with Russian President Vladimir Putin on diesel exports. The Trump administration is trying to bring down high fuel prices before the US midterm elections in November.
“Ukraine supports the ceasefire, and it is important that Russia support it as well,” Zelenskyy said on social media. He added that he is “awaiting details” from the US.
Zelenskyy has long said he will only accept a ceasefire if Russia does too. He made clear he has strong doubts about that.
A day before the announcement, Trump suggested Zelenskyy should think about stepping aside as Ukraine’s president. It was Trump’s second ceasefire announcement in two months.
On Friday, after the diesel deal, Ukrainian negotiators cut short talks with US envoys in Miami. This was according to people familiar with the matter who asked not to be named.
US negotiators Jared Kushner and Steve Witkoff told Ukrainian officials that the US supplies munitions and intelligence. They said Ukraine should not take steps that hurt American consumers, such as striking refineries.
Several of the people said this was seen as a hidden threat to cut off intelligence to Kyiv. European officials at the meeting were not told about the diesel deal beforehand, one person said.
High fuel prices have raised costs for US farmers and truckers. The deal would release Russian diesel to world markets, but it may not add enough supply to lower prices much.
Seven US senators, four Republicans and three Democrats, said the deal was illegal. They pointed out that Congress has banned imports of Russian energy since 2022.
Ukraine has used long-range drones to hit Russia’s oil industry and cut Putin’s ability to pay for the war. The attacks forced the Kremlin to pay oil companies large subsidies and ban diesel exports.
On Saturday, Russia partly lifted its diesel export ban. This allows 500,000 metric tons of fuel to reach international markets.
Fiona Hill, a former top Russia adviser on the US National Security Council, said Trump’s verbal attacks could hurt Kyiv politically. “If he starts to actively play a role in Ukrainian politics,” she said, “he can do a lot more damage.”
Jennifer Kavanaugh of the Defence Priorities think tank said the US may stop sharing some real-time intelligence used for the refinery strikes.
Ukraine still depends on US weapons and intelligence, even though European allies pay much of the cost. It is short of US-made interceptors for its Patriot air defence systems.
Zelenskyy said on X on Sunday that Russia used about 1,450 guided bombs, 75 missiles and more than 1,640 attack drones in one week.
The International Monetary Fund estimates Ukraine faces a funding gap of more than $30 billion in 2027. Russian attacks have also disrupted Ukraine’s Black Sea exports.
Ukraine’s parliament is due to consider a package of laws to secure more money from the European Union and the IMF. The measures include closing tax loopholes.
Source: this article is based on reporting by Moneyweb. Image: Moneyweb. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.