Moscow: Russia will prohibit gasoline exports by domestic producers starting April 1 as tensions escalate in the Middle East, Deputy Prime Minister Alexander Novak announced Friday, based on a government statement. The decision, effective until July 31, aims to stabilize domestic fuel prices amidst global turmoil.
According to Anadolu Agency, Novak convened a meeting with representatives from the Energy Ministry, the Federal Antimonopoly Service, the St. Petersburg Exchange, and industry companies to discuss the export ban. Following this meeting, the measure was adopted with the intention of curbing potential domestic fuel shortages as international demand for Russian energy resources remains high despite market instability.
The Energy Ministry assured that oil refining volumes are consistent with March 2025 levels, which guarantees stable supplies of petroleum products. Industry companies have confirmed that they possess sufficient gasoline and diesel reserves, alongside high refinery capacity utilization, to cater to domestic requirements.
Compounding the situation is the disruption of the Strait of Hormuz since early March, a crucial waterway for the transit of 20 million barrels of oil, which has elevated shipping costs and driven up global oil prices. This disruption is part of ongoing military tensions, where the US and Israel have launched air offensives against Iran, resulting in significant casualties including the death of Iran's then-Supreme Leader Ali Khamenei.
Iran's response has included drone and missile attacks on Israel, Jordan, Iraq, and Gulf countries with US military assets, leading to damage and further disruption in global markets and aviation.