Russia reintroduces gasoline export ban until end of year

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The Russian government announced on Wednesday it was banning gasoline exports for another six months to “maintain a stable situation” on the domestic fuel market after significant price increases.

The government said in a statement that it had “introduced restrictions on gasoline exports from September 1 to December 31, 2024.”

The government said the measure aims to keep prices stable “during a period of sustained seasonal demand and planned oil refinery repairs.”

Russia imposed a six-month ban on gasoline exports in March but then suspended it temporarily between May and July, saying the domestic market was saturated.

The government said the new restriction would not affect deliveries made under intergovernmental agreements, including those with member states of the Eurasian Economic Union – Belarus, Kazakhstan, Kyrgyzstan and Armenia.

Despite having vast energy reserves, Russia announced a similar ban on diesel and gasoline exports last year as pump prices hit Russians’ purchasing power, already hit by the sanctions-induced weakening of the ruble.

According to official data, in 2023 Russia produced 43.9 million tons of gasoline.

Revenues from oil and gas sales remain crucial for Moscow as it prepares its economy to sustain its military offensive in Ukraine.

In recent months, Ukrainian forces have been attacking fuel depots using drones, cutting off key resources for Russian forces.

bur/yad