The Russian government has announced a reinstatement of a six month ban on petrol exports, effective from September 1, 2024, to December 31, 2024. The measure is designed to ensure the stability of the local fuel market in light of seasonal demand and planned oil refinery maintenance services.
To combat increase in prices the ban will not affect delivery going through intergovernmental contracts with member states of the Eurasian Economic Union namely Belarus, Kazakhstan, Kyrgyzstan and Armenia.
This action follows a previous ban for six months that was imposed in March but suspended temporarily during the period between May-July when the saturation of the market was high.
In the year 2023, Russia produced a total amount of 43.9 million oil and gas since it heavily relies on these two animals in terms of economy especially in terms of funding its military operations in Ukraine.
The ban comes as Ukraine launched attacks using drones on the Russian fuel storage facilities which disrupted essential resources for their armed forces. The aim is to ensure that fuel remains available domestically while also trying to control prices which have affected people’s purchasing power because of falling currencies as a result of sanctions.
