Brazil says it is close to a deal to buy cheap Russian fuel as the Ukraine war sends energy prices spiraling worldwide

• Brazil's president said his country is close to a deal with Russia to buy diesel at low cost.
• Energy prices have risen since Russia invaded Ukraine, and the US and EU have blocked Russian imports.

Brazil's' far-right president said on Monday that his country was close to a deal to buy diesel at a lower cost from Russia.

Jair Bolsonaro gave the update on Monday, Reuters, Bloomberg, and Russian state media outlet Sputnik Brasil all reported. Bolsonaro did not give any further details about the deal, Reuters noted.

Fuel prices have risen around the world after Russia invaded Ukraine in late February.

The European Union sanctioned Russian oil and refined petroleum products and US President Joe Biden signed an executive order to ban the import of Russian oil, liquefied natural gas, and coal.

But other countries, like India and China, have plugged the demand by snapping up cheap Russian oil.

Bolsonaro is a close ally of Russian President Vladimir Putin. Reuters noted high energy prices have brought Bolsonaro lower in polls than his left-wing rival ahead of the October presidential election.