Russia Bans Gasoline Exports Amid Middle East Crisis

Russia has announced a ban on gasoline exports from April 1st to July 31st. According to Russian Deputy Prime Minister Alexander Novak, the decision was made due to the turbulence in the global oil market caused by the crisis in the Middle East.

The state news agency TASS reported that the ban aims to stabilize prices in the domestic market. Novak added that high demand for Russian energy resources abroad remains a positive factor.

Several regions in Russia and parts of Ukraine under Russian control reported gasoline shortages last year, following Ukrainian attacks on Russian refineries and amid a seasonal increase in fuel demand. Russia has repeatedly imposed restrictions on gasoline and diesel exports to curb prices and address shortages.

According to industry sources, Russia exported approximately 5 million metric tons of gasoline last year.

Source: ΑΠΕ-ΜΠΕ-Reuters