Russia announced on Thursday that it is banning the exports of gasoline and diesel fuel in an effort to stabilize domestic prices and improve the country’s fuel supply.
The government has not specified the duration of these restrictions.
This move is expected to lead to an increase in fuel prices on the global market.
According to state news agency Tass, Russia’s daily diesel fuel exports are estimated at about 900,000 barrels, while gasoline exports range from 60,000 to 100,000 barrels.
After the ban was announced, domestic fuel prices in Russia dropped by approximately 4%, according to Tass.
It’s important to note that these restrictions will not apply to other countries within the Moscow-led Eurasian Economic Union trading bloc, such as Armenia, Belarus, Kyrgyzstan, and Kazakhstan.