On Wednesday, the Russian government announced it will extend its ban on petrol exports for an additional six months, aiming to stabilize the domestic fuel market amid recent price spikes.
Starting from September 1 until December 31, 2024, Russia will enforce this export restriction to manage seasonal demand and necessary refinery repairs. This move follows a previous six-month ban implemented in March, which was briefly lifted between May and July when the domestic market was deemed saturated.
The new ban will not impact fuel deliveries to countries within the Eurasian Economic Union—Belarus, Kazakhstan, Kyrgyzstan, and Armenia—under existing agreements.
Despite its vast energy resources, Russia had to impose a similar ban last year due to rising pump prices affecting the purchasing power of its citizens, compounded by the ruble’s weakening from international sanctions.
In 2023, Russia produced 43.9 million tonnes of petrol. Oil and gas revenues are crucial for Moscow, especially as the economy continues to support its ongoing military efforts in Ukraine. Recently, Ukrainian forces have disrupted fuel supplies with drone strikes, adding pressure to Russia’s resources.
