Russia has announced a six-month ban on gasoline exports starting 1st of March to stabilize prices amidst rising demand from consumers and farmers and to facilitate refinery maintenance. The ban, reported by Russia’s RBC and confirmed by a spokesperson for Deputy Prime Minister Alexander Novak, follows Novak’s proposal endorsed by Prime Minister Mikhail Mishustin on February 21st. The decision aims to offset excessive domestic demand for petroleum products.
Gasoline prices are crucial for motorists and farmers in Russia, especially with an upcoming presidential election. Recent Ukrainian drone attacks on Russian refineries have exacerbated concerns about supply disruptions. Russia and Ukraine have targeted each other’s energy infrastructure as part of their ongoing conflict. Energy exports, including oil, oil products, and gas, constitute a significant portion of Russia’s economy, contributing to its global energy influence. Russia has collaborated with Saudi Arabia to maintain high oil prices, voluntarily cutting oil and fuel exports by 500,000 barrels per day in the first quarter as part of OPEC+ efforts.
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