Russia’s Deputy Prime Minister Alexander Novak.
| Picture Credit score: Reuters
Russian Deputy Prime Minister Alexander Novak on Friday (March 27, 2026) instructed the Power Ministry to draft a decision banning gasoline exports from April 1, the Russian authorities mentioned.
The state-run TASS information company earlier reported that the ban would stay in place till July 31.
Mr. Novak mentioned that turmoil within the international oil and oil merchandise market, prompted by the disaster in West Asia, is resulting in vital worth fluctuations. On the similar time, the excessive demand for Russian vitality sources in overseas markets stays a constructive issue, he added.
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Crude oil processing volumes stay ultimately 12 months’s stage, making certain a steady provide of oil merchandise, the federal government mentioned in an announcement.
A number of areas in Russia and elements of Ukraine below Russian management have been reporting gasoline shortages final 12 months after Ukraine stepped up assaults on Russian oil refineries and amid a seasonal surge in gas demand.
Russia has repeatedly imposed curbs on gasoline and diesel exports to rein in rising gas costs and sort out shortages.
In keeping with trade sources, the nation exported practically 5 million metric tons of gasoline final 12 months, or about 117,000 barrels per day.
Revealed – March 28, 2026 02:38 pm IST