Russia bans gasoline exports

2024-02-27 13:22:00, Kosova & Bota CNA

Russia bans gasoline exports

Russia on Tuesday ordered a six-month ban on gasoline exports starting March 1 in order to keep prices stable due to increased demand from consumers and farmers. The shutdown was also imposed to maintain refineries in the country, which is the world's second-largest oil exporter.

The suspension, first reported by Russian media outlet RBC, was confirmed by Russian Deputy Prime Minister Alexander Novak, who has been appointed by Russian President Vladimir Putin to handle the country's energy sector.

RBC reported that Russian Prime Minister Mikhail Mishustin had approved the ban after Novak proposed it on February 21.

"To compensate for the excessive demand for gasoline products, it is necessary to take measures to help stabilize prices in the domestic market," Novak is quoted as saying in the proposal sent to Mishustin.

Gasoline prices in Russia are a sensitive issue for consumers and farmers in the world's largest grain exporter ahead of presidential elections in March.

Also, in recent months several Russian refineries have been hit by Ukrainian drones, as the war between Russia and Ukraine has entered its third year.

Russia and Ukraine have struck each other's energy infrastructure, aiming to disrupt supply lines and demoralize opponents.

Exports of oil, oil products and gas are by far Russia's largest exports, and their revenues are an important source of Russia's $1.9 trillion economy./REL

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