Russia plans to impose a ban on gasoline exports starting in early April, a move aimed at stabilizing domestic prices and ensuring sufficient supply in the local market, amid tensions linked to the ongoing conflict involving Iran.
The decision was announced in a statement by the Russian Cabinet following a meeting held on Friday to review the state of the domestic petroleum products market, according to the TASS news agency. The statement noted that Deputy Prime Minister Alexander Novak instructed the Ministry of Energy to prepare a draft القرار to halt gasoline exports beginning next month.
According to the البيان, the measure is intended to maintain fuel price stability, prioritize supplies for the domestic market, and prevent prices from rising beyond expected levels. Earlier reports indicated that the ban is expected to remain in effect until July 31.
Russia has previously imposed similar restrictions on gasoline and diesel exports multiple times in an effort to curb rising prices and address supply shortages. Industry sources estimate that the country exported around 5 million tons of gasoline last year, equivalent to approximately 117,000 barrels per day.
Meanwhile, global energy markets are experiencing significant volatility due to geopolitical tensions, contributing to rising oil and gas prices as well as higher inflation, prompting governments worldwide to take measures to mitigate the economic impact.
In this context, Iran announced on March 2 restrictions on navigation through the Strait of Hormuz, warning it could target vessels attempting to pass without coordination. Around 20 million barrels of oil pass through the strait daily, and any disruption has led to higher shipping and insurance costs, increased oil prices, and growing global economic concerns.
In an effort to contain market disruptions, the United States has moved to temporarily ease certain restrictions on Russian oil. Washington issued a 30-day license allowing countries to purchase Russian crude and petroleum products that are stranded at sea and subject to sanctions, aiming to relieve pressure on global supplies.
According to the U.S. Treasury, the authorization applies to shipments loaded on vessels on or before March 12, and will remain valid until April 11.
These developments come amid escalating military tensions, with Israel and the United States conducting strikes against Iran since late February. In response, Tehran has launched missiles and drones and targeted what it describes as U.S. interests in the region, further heightening concerns over the stability of global energy markets and the broader economy.
