Russia to ban gasoline exports for 6 months starting March 1

MOSCOW - Russia will introduce a six-month ban on gasoline exports starting from March 1, a spokesperson for Russian Deputy Prime Minister Alexander Novak told reporters on Tuesday.

The move aims to offset the growth in demand in spring and summer, said the spokesperson, adding that another possible measure is to increase the diesel sales rate on the stock exchange to 16 percent.

The restriction will not apply to the countries in the Eurasian Economic Union, the report said.

Previously, Russia introduced a ban on gasoline exports from Sept 21 to Nov 17 in 2023 to stabilize the price situation in the domestic motor fuel market. The ban was lifted after the domestic fuel market reached saturation and a supply surplus was established.