The move aims to offset the growth in demand in spring and summer and another possible measure is to increase the diesel sales rate.
Russia Gasoline Exports Ban: Amidst the ongoing Russia-Ukraine war and the military conflict in the Middle East, between Israel and Hamas to be precise, Russian Deputy Prime Minister Alexander Novak’s spokesperson said on Tuesday that Russia will introduce a six-month ban on gasoline exports, beginning March 1.
Talking to reporters, the spokesperson said the move aims to offset the growth in demand in spring and summer and another possible measure is to increase the diesel sales rate on the stock exchange to 16 per cent, reported the Xinhua news agency adding that the restriction will not apply to the countries in the Eurasian Economic Union.
Earlier, Russia introduced a ban on gasoline exports from September 21 to November 17 in 2023 which it said was to stabilise the price situation in the domestic motor fuel market.
Russia lifted the ban after the domestic fuel market reached saturation and a supply surplus was established.
The timing of the proposed ban is crucial as the Red Sea area, which is arguably the most important transit sea route for a major bulk of cargo and freight, including oil, is restive and risky as the Houthi rebels in Yemen have been regularly targeting the merchant vessels passing through that stretch since the Israeli bombardment of Gaza following October 7 armed intrusion by Hamas and loss of lives and property inside Israel.
Even though the USA, the United Kingdom, and a few other countries have launched military campaigns against the Yemen-based militia, it has refused to bow down and as a result, the sea traffic has been hit badly.