Russia bans petrol exports for 6 months to meet domestic demand

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)