Some of America’s biggest banks are being told to preserve records involving Russian diesel as senior Democrats prepare for investigations that could begin if next week’s midterm elections shift control of Congress.
The demand comes amid a broader fight over President Donald Trump’s agreement to increase Russian diesel supplies to U.S. and global markets. Lawmakers from both major parties have argued that purchasing Russian fuel would provide Moscow with revenue while Washington is seeking to pressure Russian President Vladimir Putin to end the war with Ukraine. Trump has defended the agreement as a way to increase diesel supplies and bring down fuel prices.
Now, Democrats are signaling that a victory next week could give them the committee power to turn those warnings into congressional investigations.
JPMorgan, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley were among the recipients of a letter demanding that they preserve records involving proposed or actual Russian diesel transactions, Axios reported Monday. The same demand was sent to port authorities in Texas and New York/New Jersey.
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According to a copy of the letter reviewed by Newsweek, the lawmakers warned that importing Russian diesel raises “significant legal questions and may be subject to legal action, as well as congressional investigations.”
They went further than simply warning companies not to participate. Citing the “anticipation of further congressional oversight,” the lawmakers demanded preservation of contracts, invoices, shipping and vessel records, payment records and communications with suppliers, intermediaries and U.S. government officials.
Recipients were asked to confirm by October 28, less than a week before Election Day on November 3, that preservation measures had been put in place.
Newsweek reached out to the Treasury Department, Massachusetts Senator Elizabeth Warren’s office and JPMorgan Chase for comment.
The White House pushed back on the prospect of Democratic-led investigations in response to Newsweek on Monday, accusing Democrats of a “decade-long obsession with investigating President Trump.” An administration official, speaking on background, also defended the Treasury authorization, saying that the general license “is in compliance with all applicable laws.”
Why the Midterm Elections Could Change Trump's Russia Diesel Fight
The letter was signed by Democratic Senators Jeanne Shaheen of New Hampshire, Ron Wyden of Oregon, Warren, Chris Coons of Delaware and Sheldon Whitehouse of Rhode Island, as well as Democratic Representative Gregory Meeks of New York and Republican Senator Thom Tillis of North Carolina.
Several of those Democrats could gain substantially more power to investigate the administration if their party wins control of Congress.
Warren is the top Democrat on the Senate Banking Committee, Wyden is the ranking Democrat on the Finance Committee and Shaheen, who is retiring at the end of this Congress, is the ranking Democrat on Foreign Relations. Meeks is the ranking Democrat on the House Foreign Affairs Committee.
With Shaheen leaving the Senate, Coons is in line to lead Foreign Relations if Democrats take control. Warren, Wyden and Whitehouse are similarly positioned to lead the Banking, Finance and Judiciary committees, respectively, while Meeks could take the Foreign Affairs gavel if Democrats win the House.
That would turn the lawmakers’ current warnings into a possible preview of committee investigations of the Trump administration and private companies involved in the Russian diesel trade.
For banks and ports receiving the letter, the immediate message is unusually direct: preserve documents that could later become relevant to congressional investigations.
“In anticipation of further congressional oversight of this matter, we demand that you preserve all records relating to any proposed or actual importation of Russian-origin diesel and any other proposed or actual transactions involving Russian-origin diesel,” the lawmakers wrote.
The request extends to communications with U.S. government officials dating to September 1 and records on personal devices used for business purposes.
Democrats Put Banks and Ports on Notice Over Russian Oil
The warning stems from Trump’s October 9 announcement of an agreement with Putin to boost supplies of Russian diesel to U.S. and global markets.
Trump has portrayed the agreement as a way to increase supplies and bring down fuel prices, particularly for farmers and truckers.
The Treasury Department issued a license allowing certain transactions involving Russian diesel. That authorization, known as General License 135, has become a central point in the dispute over whether the arrangement complies with U.S. law.
The new congressional letter challenges that position.
It points to the Ending Importation of Russian Oil Act, signed into law in 2022 after Russia’s invasion of Ukraine. The law generally bans Russian energy products from entering the United States.
The statute allows the prohibition to be lifted under certain conditions, including after consultation with Congress and a presidential certification concerning Russia's hostilities in Ukraine, threats to NATO members and Ukrainians' right to choose their government.
The lawmakers said those requirements have not been met.
“Any importation of Russian diesel into the U.S. raises significant legal questions,” they wrote.
They also warned that companies violating U.S. import law could face civil or criminal liability and said penalties could potentially extend beyond the official importer to companies that knowingly purchase Russian diesel or facilitate its importation.
The letter urges recipients not to facilitate the “purchase, transportation, importation, unloading, storage, financing, or distribution” of Russian-origin diesel in the United States, or other transactions covered by General License 135, unless the statutory requirements have been met.
Trump's Russia Diesel Deal Has Drawn Bipartisan Opposition
The dispute is not entirely along party lines.
Tillis, a Republican who is retiring from the Senate, signed the latest preservation demand alongside Democrats. He previously told NBC News’ Meet the Press that there was a “legitimate case” that Trump was “not following the law” with the diesel agreement.
Other Republicans have also broken with Trump.
Earlier this month, Senators Susan Collins of Maine, Lisa Murkowski of Alaska, Mitch McConnell of Kentucky, John Cornyn of Texas and Alan Armstrong of Oklahoma joined Tillis and Democrats in urging the administration to reverse course.
A separate bipartisan group of 22 House lawmakers subsequently urged Trump, Secretary of State Marco Rubio and Treasury Secretary Scott Bessent to revoke General License 135 and enforce the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026.
Republican Representatives Brian Fitzpatrick of Pennsylvania, Michael McCaul of Texas, Don Bacon of Nebraska, Joe Wilson of South Carolina and Dan Newhouse of Washington were among its signatories.
“We are particularly concerned by Treasury's October 9 issuance of General License 135, which authorizes transactions involving Russian-origin diesel, including imports into the United States,” the lawmakers wrote. “We urge the Administration to revoke this license and not issue further general licenses that reopen Russian energy transactions and restore revenue to the Kremlin's war chest.”
The Graham sanctions law passed the Senate 86-11 and the House 262-159 before Trump signed it on September 18. It expands sanctions and other penalties targeting Russia and gives the president significant waiver authority.
Trump later used that authority to waive the application of some of the law’s sanctions, restrictions and duties, citing U.S. national interests.
White House Says Democrats Are Targeting Trump
The White House rejected the prospect of Democratic-led investigations, portraying the effort as politically motivated.
“The Democrats are already telegraphing that, once again, they have no agenda to improve the lives of Americans and will instead continue their decade-long obsession with investigating President Trump,” White House spokeswoman Taylor Rogers told Newsweek on Monday.
“This President has done more than anyone else to bring this brutal war—a war that never would have started if he were President—to an end.”
An administration official, speaking on background, also defended the legality of the Treasury action, telling Newsweek: “The granting of this general license is consistent with similar actions previously taken by OFAC and is in compliance with all applicable laws.”
Trump has separately defended the diesel agreement despite criticism from members of his own party.
“Well, I think these are Republicans that can’t really be serious,” Trump said when asked about the GOP opposition. “And it’s not really a deal with me. It’s a deal for the rest of the world.”
Russian Diesel Tankers Put New Focus on US Ports
The congressional warning comes as attention turns from the legal authorization for Russian diesel to whether cargoes will actually arrive in the United States.
Reuters reported Friday that a tanker carrying 40,000 metric tons of Russian diesel was heading for New York, citing ship-tracking data. The tanker’s destination could still change, however, and it remains unclear how much Russian diesel, if any, will ultimately reach U.S. ports.
That uncertainty is reflected in the lawmakers’ request.
They are demanding information about proposed and actual transactions and want recipients to disclose whether their organizations have participated in, or know about, a proposed or completed importation of Russian diesel.
The preservation demand includes vessel and port-call records, terminal or berth reservations, customs documents and payment records, potentially creating a paper trail for future congressional investigators even before it is clear whether Russian diesel will ultimately arrive at U.S. ports.
What's at Stake for Trump in the Midterms
The fight over Russian diesel illustrates a broader consequence of the midterms that goes beyond whether Trump can get legislation through Congress.
Control of congressional committees would determine which party sets their investigative priorities. The Democrats signing Saturday’s warning have made clear that Trump’s Russia deal would be among theirs.
And the inquiry they are contemplating would extend beyond administration officials.
The letter seeks communications between private companies and federal officials and demands that financial institutions and ports retain documents surrounding transactions that the administration has authorized but the lawmakers argue may violate federal law.
At the same time, Republican participation complicates any effort to characterize the underlying dispute purely as partisan. Tillis signed the latest letter, while Republicans in both chambers have challenged Trump over the agreement.
The lawmakers said their concern goes beyond the legal dispute to the consequences of restoring Russian energy revenue during the war with Ukraine.
“The potential arrangement to import Russian diesel also raises significant national security concerns, given that it would finance Russia's brutal and illegal war against Ukraine,” the preservation letter says.
With control of Congress about to be decided, the banks and ports that received the letter do not have to wait until Election Day to respond.
Their deadline for confirming that the requested records are being preserved is Wednesday, October 28.
Newsweek’s reporters and editors used Martyn, our AI assistant, to produce this story. Learn more about Martyn
here.
Contact Newsweek editors on this story: Steve Mollman and Dave Siminoff.