BREAKING: Russia to ban gasoline exports from March 1

Gasoline exports from Russia will be prohibited for six months beginning on March 1, according to a spokesman for Russian Deputy Prime Minister Alexander Novak on Tuesday.

According to the spokesperson, the action was taken to counteract the rise in demand in the spring and summer.

He mentioned raising the diesel sales rate to sixteen percent on the stock exchange as an additional potential measure.

The restriction would not apply to the countries in the Eurasian Economic Union, he added.

Previously, in an effort to stabilize the price situation in the domestic motor fuel market, Russia imposed a ban on gasoline exports from September 21 to November 17, 2023.

After a supply surplus was established and the domestic fuel market reached saturation, the ban was lifted.