According to the Russian government, Russia, a BRICS member country, will introduce a ban on gasoline exports from April 1. Russian Deputy Prime Minister Alexander Novak has reportedly instructed the Energy Ministry to draft a resolution by the April 1 start date. Novak met with industry ministries and Russian oil companies on Friday to discuss the ban.
Amid the ongoing war between the United States, Israel, and Iran, oil prices are soaring around the world. Russia has repeatedly imposed export restrictions on gasoline and diesel to curb fuel price increases and address fuel shortages. On Thursday, it was reported that at least 40% of Russia’s oil export capacity has been halted following recent Ukrainian drone attacks.
The measure has been adopted and will last until July 31, Russian reporters confirmed. On March 19, Anton Rubtsov, head of the Russian Ministry of Energy’s Oil and Gas Complex Department, said that the issue of banning gasoline exports from Russia was not urgent at the moment, but the government could take such a decision. The possibility exists. Russia is currently trying to impose a ban on gasoline exports.
Earlier this month, the United States announced a 30-day exemption for countries to begin procuring Russian crude oil as gas prices soared due to the Iran-Israel war. Sanctions were eased just as global markets began to take a bigger hit. As of 9 a.m. ET on March 26, oil prices, as measured using the Brent benchmark, had reached $105.85 per barrel. This is $6.10 higher than yesterday morning’s price and about $32 higher than the price a year ago.
(Tag Translation)BRICS
