Russia has once again imposed a ban on petrol exports, effective from September 1 to December 31, 2024, to stabilize domestic fuel prices amidst high seasonal demand and refinery maintenance. This move comes after a similar ban was briefly lifted in March 2023.
The new restriction, however, excludes exports under intergovernmental agreements with Eurasian Economic Union countries. Despite being a major energy producer, Russia has decided to implement this ban due to rising fuel prices and a weakening ruble. With oil and gas revenues being crucial for its military operations in Ukraine, the government aims to maintain a stable domestic fuel supply.
The ban, estimated to be worth around $5 billion, is expected to have a significant impact on the global energy market. Analysts suggest that this move could lead to a shortage of refined fuel products in the international market, potentially driving up prices for consumers worldwide.
Russia’s decision to reintroduce the export ban highlights the country’s ongoing struggle to balance its domestic energy needs with its international commitments. As the conflict in Ukraine continues, the Russian government remains focused on ensuring a reliable fuel supply for its citizens and military operations.