Russia Lifts Ban on Gasoline Exports

Russia has decided to lift the temporary ban on gasoline exports, according to a report by RBC Daily citing an informed source.

The decision was made due to sufficient supply in the domestic market.

The Ministry of Energy confirmed the decision, reported Reuters. Initially, Russia had imposed a six-month ban on gasoline exports starting from March 1, with exceptions for the Moscow-led economic union and countries with direct governmental agreements for fuel supplies, such as Mongolia.

The Ministry of Energy stated that the temporary export ban, effective since March 1, will be suspended because the local market is now adequately supplied, and unscheduled maintenance at refineries has been completed.

RBC Daily mentioned that the timing for the new decision to lift the ban would be announced early in the week.

The energy ministry's statement noted that refineries and oil depots have accumulated sufficient gasoline stocks to meet all domestic market needs. As of May 15, there were 2.1 million tons of gasoline and 3.4 million tons of diesel fuel in stock.