Russian President Vladimir Putin said on Thursday that Russia will not supply diesel to global markets until Western sanctions on Moscow are lifted. He was speaking at the Valdai International Discussion Club in Moscow.

Putin was asked about a mutual halt to strikes on economic targets. “How is our diesel fuel supposed to reach the global market if the sanctions remain in place? It can’t,” he said, according to Interfax. When asked if he would accept the deal, he answered: “No.”

Putin said Ukrainian strikes on Russian oil refineries had cost the Russian economy about one percent of GDP. He added that Russia had answered by striking sites important to Ukraine’s economy.

Reports say Russia has also extended its diesel export ban through the end of October. That adds pressure to an already tight global diesel market. Russia is traditionally one of the world’s biggest diesel exporters.

Putin said Russia has enough diesel for itself, but that bans and sanctions keep it from reaching buyers abroad. He also discussed Iran’s nuclear programme and the Strait of Hormuz during the session.