The Russian government has reintroduced a ban on gasoline exports for an additional six months, extending the restriction from September 1 to December 31, 2024. This move aims to stabilize the domestic fuel market following recent significant price increases.
In a statement, the government explained that the export ban is necessary to maintain price stability amidst high seasonal demand and planned maintenance on oil refineries. The decision follows an initial six-month ban implemented in March, which was briefly lifted between May and July when the domestic market was deemed oversupplied.
The renewed ban will not affect deliveries under intergovernmental agreements, including those with members of the Eurasian Economic Union such as Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
This action is part of Russia’s broader strategy to manage its energy resources amid domestic challenges.
Despite possessing extensive energy reserves, Russia has faced issues with domestic fuel prices and purchasing power, exacerbated by the weakening of the ruble due to international sanctions.
Similar export restrictions were imposed last year on diesel and gasoline to address rising pump prices affecting Russian consumers.
In 2023, Russia produced approximately 43.9 million tonnes of gasoline, according to official data.
Oil and gas revenues remain crucial for Moscow, particularly as the country sustains high levels of military expenditure. The government’s decision to extend the gasoline export ban reflects ongoing efforts to balance domestic needs with its economic and geopolitical strategies.
