TASS reported that on April 2, the Russian Government decided to extend the ban on gasoline exports until the end of July 31, 2026, and expand the scope of application to oil product producers as well. The corresponding decree has been signed and announced by the Government.
According to the announcement, this decision aims to ensure the stability of the domestic fuel market during the period of seasonal high demand, especially serving agricultural production activities.
In addition, the volatility of global oil prices due to geopolitical tensions in the Middle East is also an important factor promoting the move to tighten exports.
Notably, the new restriction not only applies to intermediaries but also covers direct manufacturers - a move showing that Russia is decisively controlling the flow of fuel to the international market.
However, the Russian government said the ban will not apply to supply contracts under previous intergovernmental agreements. This means that some partners can still continue to receive fuel supplies from Russia within the framework of bilateral cooperation.
The Decree takes effect immediately from the time it is officially announced.
Russia's new move is forecast to have a significant impact on the regional and global gasoline and oil markets, as supply is under pressure from geopolitical factors and recovery demand.
Russia's gasoline exports usually average about 100,000 barrels/day. This figure accounts for only a small part of the global trading volume of this product, according to Bloomberg.
However, the Iranian war is disrupting the supply of oil transported through the Strait of Hormuz, causing gasoline and oil prices to fluctuate sharply. Therefore, further restrictions on global fuel trading will exacerbate the challenges for oil importing countries.
