Russia Freezes Gasoline And Diesel Exports

Russia recently announced a ban on the export of gasoline and diesel fuel, with the aim of stabilizing rising domestic prices and improving the country's fuel supply, as reported by the Associated Press (AP).

Russia's exports of diesel fuel are estimated at approximately 900,000 barrels per day, and the country has been exporting between 60,000 and 100,000 barrels of gasoline daily. I Photo: Газпром нефть Facebook

The government decree stated that these restrictions would be temporary but did not specify an end date. It is anticipated that this move will result in increased fuel prices on the global market.

Russia's exports of diesel fuel are estimated at approximately 900,000 barrels per day, and the country has been exporting between 60,000 and 100,000 barrels of gasoline daily, according to the state news agency TASS.

TASS further reported that domestic fuel prices dropped by about 4% following the announcement of the ban.

Importantly, this ban will not apply to other countries within the Moscow-led Eurasian Economic Union (EEU) trading bloc, which includes Armenia, Belarus, Kyrgyzstan, and Kazakhstan.

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