Trump is considering lifting sanctions on Russia's 'shadow fleet' to cut diesel prices before the midterm elections

The Trump administration is weighing whether to lift sanctions on Russia and Iran's shadow fleet of oil tankers in a bid to bring down record freight rates that have pushed up diesel prices ahead of November's midterm elections. A Treasury official reportedly told the White House it is considering allowing blacklisted vessels to be sold to "legitimate" operators and trade on the open market. Energy Secretary Chris Wright floated the idea at the World Petroleum Congress on 12 October. The move would be assessed on a "case by case" basis.

The UK has placed sanctions on upwards of 500 vessels it suspects of forming the shadow fleet, which Moscow uses to dodge Western energy restrictions.

Energy consultancy Energy Aspects warned the plan would not "fix freight overnight" because most sanctioned tankers are old and have kept trading anyway.

Shadow fleet vessels typically hide behind blurry ownership structures and are ageing, poorly regulated ships that experts say are prone to spills and mechanical failures.