Russia Implements Six-Month Ban on Gasoline Exports

In a bid to stabilize prices amidst rising demand from consumers and farmers, Russia has announced a six-month ban on gasoline exports starting from March 1.

The ban aims to ensure stability in domestic gasoline prices and facilitate refinery maintenance in the world’s second-largest oil exporter. The decision, initially reported by Russia’s RBC, was confirmed by a spokeswoman for Deputy Prime Minister Alexander Novak, who oversees Russia’s extensive energy sector on behalf of President Vladimir Putin.

Prime Minister Mikhail Mishustin approved the ban following a proposal by Novak in a letter dated February 21. Domestic gasoline prices hold significant importance for motorists and farmers in Russia, the world’s largest wheat exporter, especially with the upcoming presidential election scheduled for March 15-17.

Source: Reuters