Russia Extends Ban on Gasoline Exports Until the End of the Year

The Russian government announced on Wednesday that it would extend the ban on gasoline exports for four months to “maintain a stable situation” in prices that have risen at the country’s fuel stations. The government stated in a statement: “The government has imposed restrictions on gasoline exports from September 1st to December 31st, 2024.” It added that it expects this measure to “maintain a stable situation in the fuel market during a period of continued seasonal demand and scheduled maintenance (in the fall) at oil refineries.” The Russian government had taken a similar measure at the beginning of the year, implemented on March 1st, before temporarily suspending it between May 20th and the end of July, particularly due to the “saturation of the local market.” The government clarified that the new ban does not specifically include “deliveries made under international government agreements, including agreements with member states of the Eurasian Economic Union,” which includes Belarus, Kazakhstan, Kyrgyzstan, and Armenia. Such a measure was also taken in the fall of 2023 in response to rising fuel prices at stations, a phenomenon that weakens the purchasing power of Russians who have been affected by the weak ruble due to sanctions. In 2023, Russia produced 43.9 million tons of gasoline, according to official figures. The financial gains expected from the sale of oil and gas are vital for Moscow as its economy focuses on the war effort to support the military campaign in Ukraine. However, in recent months, the Ukrainian army has bombed many Russian oil depots using explosive drones, depriving Moscow’s forces of significant resources.