Trump said Russia would immediately supply more than 300,000 tonnes of diesel, followed by another 500,000 tonnes in November and 1 million tonnes "immediately thereafter."
He said Russia would also deliver another 3 million tonnes within a short period, depending on the condition of its refineries, which have been targeted in Ukrainian attacks.
The US Treasury Department on Friday issued a temporary licence allowing Russian diesel to be supplied to global markets, effectively easing sanctions on the fuel until April 7, 2027, news agencies reported.
Trump said the additional supplies would cause diesel prices in the United States and around the world to fall "in record numbers, and fast."
The announcement is the latest move by Trump to address high fuel prices in the United States, where diesel costs have surged amid disruptions to global energy markets linked to the war in Iran and attacks on energy infrastructure, the BBC reported.
'Gifts to Putin will not bring peace': Ukraine's Zelensky
Ukrainian President Volodymyr Zelensky criticised the agreement, saying that easing sanctions on Russia would help Moscow continue its war against Ukraine.
"Gifts to Putin will not bring peace," Zelensky said in a social media post. He said allowing Russia to sell petroleum products was "an investment in a war that must be ended, not prolonged."
Zelensky also defended Ukraine’s attacks on Russian oil refineries, saying they were a response to Russia’s long-running attacks on Ukraine’s energy infrastructure.
"Ukraine will not set Russian oil refineries on fire if Russia does not destroy our energy infrastructure," he said.
Russia has experienced severe fuel shortages this year following Ukrainian drone strikes on oil refineries and has restricted diesel exports, according to the BBC.
Trump has criticised the attacks, blaming them in part for higher fuel prices.
The agreement could also draw criticism from US lawmakers and European allies who oppose easing pressure on Moscow while Russia's war against Ukraine continues, the BBC said.
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Source: BBC, IAR/PAP