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Russian government confirms gasoline export ban for 6 months from March 1

The Russian government confirmed on Thursday it will enforce a sixmonth ban on fuel exports from March 1 to keep prices steady

The choices taken are focused on maintaining a stable. circumstance in the fuel market during a duration of increased demand related to spring field works, the holiday and scheduled repair work of refineries, the federal government stated on its main Telegram channel.

Russia is the world's second biggest oil exporter.

A spokesperson for Deputy Prime Minister Alexander Novak, President Vladimir Putin's point male for Russia's vast energy sector, verified on Tuesday that such a ban would be presented.

Domestic gas rates are delicate for motorists and farmers worldwide's greatest wheat exporter ahead of a March 15-17 governmental election, while some Russian refineries have been hit by Ukrainian drone attacks in current months.

Russia and Ukraine have actually targeted each other's energy infrastructure in a quote to interfere with supply lines and logistics and demoralise their challengers, as they seek the edge in a. nearly two-year-old conflict that reveals no sign of ending.

Exports of oil, oil products and gas are without a doubt Russia's. greatest export, a significant source of foreign currency revenue for. Russia's $1.9 trillion economy, and ensure that Moscow has a. location at the top table of international energy politics.

The Kremlin has been working with Saudi Arabia, the. world's greatest oil exporter, to keep costs high as part of the. broader OPEC+ grouping which includes the Organization of the. Petroleum Exporting Countries and key allies.

Russia is currently willingly cutting its oil and fuel. exports by 500,000 barrels per day in the very first quarter as part. of OPEC+ efforts to support costs.

(source: Reuters)