Russian government confirms gasoline export ban for 6 months from March 1

The Russian government confirmed on Thursday it will impose a six-month ban on gasoline exports from March 1 to keep prices stable.

"The decisions taken are aimed at maintaining a stable situation in the fuel market during the period of increased demand associated with spring field works, the holiday season and scheduled repairs of refineries," the government said on its official Telegram channel.

Russia is the world's second largest oil exporter.