How will the ban on fuel exports from the Russian Federation affect the Russian and world markets?

On September 21, the government introduced a temporary restriction on the export of gasoline and diesel fuel abroad “to stabilize prices on the domestic market.” The corresponding resolution was signed by Prime Minister Mikhail Mishustin, the press service of the Cabinet of Ministers reported. The timing of the introduction of the restriction has not been specified. “This measure should have an effect very quickly, because leaching will stop, because quite a significant volume was bought by unscrupulous market participants on the stock exchange or at oil depots and exported, but now there is no such possibility,” said First Deputy Minister of Energy Pavel Sorokin on the TV channel “Russia 24”.

Deputy Prime Minister Alexander Novak, who oversees the fuel and energy complex, will also meet with the heads of oil companies on September 22 and discuss the situation on the market, Interfax reported.