The Russian government temporarily banned gasoline and diesel exports to all countries except four former Soviet countries, with the decision taking effect immediately to achieve stability in the local market, Reuters reported, citing the government.
It added that the ban does not apply to fuel supplies to members of the Eurasian Economic Union led by Moscow, which includes Belarus, Kazakhstan, Armenia and Kyrgyzstan.
The government said in a statement: “The temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers.”
The Ministry of Energy stated that this measure will prevent unauthorized exports of motor fuel.
"Oil prices rose on Friday as renewed global supply concerns from Russia's ban on fuel exports offset demand concerns stemming from macroeconomic headwinds and rising interest rates," according to Reuters.
Brent crude futures rose 0.86% to $94.10 per barrel, while US West Texas Intermediate (WTI) crude futures rose 1.06% to $90.58 per barrel.
In the past few months, Russia has suffered from a shortage of gasoline and diesel. Wholesale fuel prices rose, although retail prices were capped in an attempt to keep them in line with the official inflation rate.
The crisis was most severe in some parts of the breadbasket region of southern Russia, where fuel is needed to collect crops.
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