Russia will impose a ban on gasoline exports starting April 1, according to the Russian government. The measure, confirmed by Russian reporters, will last until July 31. Deputy Prime Minister Alexander Novak instructed the energy ministry to draft the resolution and met with industry ministries and oil companies to discuss the ban. This occurs amid surging global oil prices linked to geopolitical tensions and recent Ukrainian drone attacks affecting Russian export capacity.
Russia will introduce a ban on gasoline exports starting April 1. Russian Deputy Prime Minister Alexander Novak instructed the energy ministry to draft the resolution before the start date.
Novak met with industry ministries and Russian oil companies on Friday to discuss the ban. Russia has repeatedly imposed curbs on gasoline and diesel exports to tackle shortages and rein in rising fuel prices.
The measure has been adopted and will last until July 31, Russian reporters confirmed. On March 19, Anton Rubtsov, Director of the Oil and Gas Complex Department of the Russian Ministry of Energy, stated that the issue of banning gasoline exports from Russia is not currently pressing, but the government could make such a decision; the possibility exists.
Amid the ongoing war involving the United States, Israel, and Iran, oil prices are surging globally. On Thursday, it was reported that at least 40% of Russia’s oil export capacity is at a halt following recent Ukrainian drone attacks.
Earlier this month, the US issued a 30-day waiver for countries to start procuring Russian oil as the Iran-Israel war inflated gas prices. As of 9 am ET on March 26, oil had reached $105.85 per barrel using the Brent benchmark.
That price was $6.10 more than it cost the previous morning and about $32 above its price a year earlier. The easing of sanctions came when the global market started getting hit harder.
