Russia implements 6-month ban on petrol exports from March 1st

Russia announces a 6-month suspension on petrol exports starting March 1, with exemptions for select Eurasian Economic Union members

Russia has announced a six-month suspension on the export of petrol starting next week, responding to increased local demand.

The decision to halt petrol shipments abroad, approved by Prime Minister Mikhail Mishustin, is set to take effect from March 1, as state news agency Tass reported on Tuesday.

A similar measure was taken last year to prevent shortages and rising prices in the domestic market.

Deputy Prime Minister Alexander Novak suggested the export limits in a letter dated Feb. 21, citing anticipated seasonal rises in fuel demand within the country.

This export ban will not impact member states of the Eurasian Economic Union (EAEU), such as Armenia, Belarus, Kazakhstan, and Kyrgyzstan, as well as Mongolia and Uzbekistan. It also exempts the breakaway Georgian territories of Abkhazia and South Ossetia.

Russia implemented a fuel export ban last September in anticipation of increased domestic demand during winter, leading to higher prices and shortages.

The earlier ban excluded Belarus, Kazakhstan, Armenia, and Kyrgyzstan, and most restrictions were lifted by November.

However, the current ban will be in effect for a more extended period, possibly reflecting the Kremlin’s desire to stabilize fuel prices ahead of the presidential election scheduled for March 15-17.

Simultaneously, the suspension of exports aims to create room for the maintenance and repair of refineries, some of which have faced attacks in recent months amid the conflict in Ukraine.

Source: Newsroom

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