Russia extends gasoline export ban to stabilize domestic prices amid economic pressure
Date
8/15/2024 6:00:18 AM
(MENAFN) On Wednesday, the Russian government announced an extension of its ban on gasoline exports for an additional four months, from September 1 to December 31, 2024. This decision aims to stabilize domestic fuel prices, which have been rising at gas stations across the country. The government stated that the measure is intended to maintain a stable situation in the fuel market during a period characterized by seasonal demand and scheduled maintenance at oil refineries. The extension follows a similar restriction imposed earlier in the year, which was temporarily lifted from May 20 to the end of July due to a temporary saturation of the domestic market.
The extended ban excludes deliveries made under intergovernmental agreements, including those with members of the Eurasian Economic Union, namely Belarus, Kazakhstan, Kyrgyzstan, and Armenia. This policy adjustment is part of Russia’s broader strategy to address rising fuel prices, which have impacted the purchasing power of Russian consumers, especially in light of the ruble's depreciation due to ongoing sanctions. In 2023, Russia produced 43.9 million tons of gasoline, reflecting the critical role of oil and gas revenues in supporting the nation's economy, particularly in the context of the military conflict in Ukraine.
The ban also responds to recent disruptions caused by Ukrainian military actions, including drone attacks on Russian oil depots. These attacks have significantly affected Moscow's military resources. By extending the export restrictions, Russia seeks to bolster its domestic fuel supply and mitigate the economic impacts of the conflict while ensuring stable pricing for its consumers.
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