BRICS member Russia will introduce a ban on Gasoline exports starting on April 1, according to the Russian government. Russian Deputy Prime Minister Alexander Novak reportedly instructed the energy ministry to draft the resolution before the April 1 start date. Novak met with industry ministries and Russian oil companies on Friday to discuss the ban.
Amid the ongoing war between the United States, Israel, and Iran, oil prices are surging across the world. Russia has repeatedly imposed curbs on gasoline and diesel exports to rein in rising fuel prices and tackle shortages. On Thursday, it was reported that at least 40% of Russia’s oil export capacity is at a halt following recent Ukrainian drone attacks.
The measure has been adopted and will last until July 31, Russian reporters confirmed. On March 19, Anton Rubtsov, Director of the Oil and Gas Complex Department of the Russian Ministry of Energy, stated that the issue of banning gasoline exports from Russia is not currently pressing, but the government could make such a decision; the possibility exists. Now, Russia is set to execute the gasoline export ban.
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Earlier this month, the US has issued a 30-day waiver for countries to start procuring Russian oil as the Iran-Israel war has inflated gas prices. The ease of sanctions came when the global market started getting hit harder. As of 9 am ET on March 26, oil had reached $105.85 per barrel, measured using the Brent benchmark. That’s $6.10 more than it cost yesterday morning and about $32 above its price a year earlier.