Russia Implements Gasoline Export Ban Amid Market Turmoil

Russian Deputy Prime Minister Alexander Novak announced a ban on gasoline exports, lasting from April 1 to July 31, citing global market volatility and high demand for Russian energy. The move is intended to stabilize domestic supplies amid external pressures and conflicts affecting oil refineries.

Russian Deputy Prime Minister Alexander Novak has instructed the energy ministry to draft a resolution for banning gasoline exports starting April 1, as stated by the government.

The TASS news agency reported that this measure will stay effective until July 31. Novak attributed the decision to turbulent conditions in the global oil market, exacerbated by unrest in the Middle East, which has caused price instability. He emphasized the ongoing strong demand for Russian energy on international fronts as a positive element.

Although crude oil processing continues at last year's pace, supplying a consistent flow of oil products, some regions in Russia and territories under Russian control in Ukraine faced gasoline shortages last year. This was due to heightened Ukrainian attacks on Russian refineries and a seasonal upswing in fuel demand. The Russian government has frequently restricted gasoline and diesel exports to stabilize fuel prices and address shortages, having exported roughly 5 million metric tons of gasoline last year.

(With inputs from agencies.)