Russia bans petrol exports for 6 months to meet domestic demand
Russia has announced a six-month ban on gasoline exports, effective March 1st, to address rising domestic demand and facilitate planned refinery maintenance.
This move comes as President Vladimir Putin's government grapples with supplying enough petrol for drivers and farmers.
The ban was confirmed by a spokesperson for Deputy Prime Minister Alexander Novak and marks a similar strategy used last year to combat domestic fuel shortages and price hikes. During September-November 2023, Russia implemented a temporary export ban, with exemptions only for former Soviet states Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
This time, however, the ban excludes member states of the Eurasian Economic Union (EAEU) - Armenia, Belarus, Kazakhstan, and Kyrgyzstan - as well as Mongolia, Uzbekistan, and two Russian-backed breakaway regions of Georgia - South Ossetia and Abkhazia.
The move highlights Russia's ongoing efforts to manage its domestic fuel market amidst a period of economic strain and international sanctions. (ILKHA)