Russia Reintroduces Petrol Export Ban from September 1 to December 31 2024

The Russian government has announced the reintroduction of a ban on petrol exports from September 1 to December 31, 2024.

This decision comes after price hikes and aims to maintain a stable situation during a period of continued seasonal demand and planned repairs on oil refineries.

The announcement was made on August 14, 2024, with the government stating, "We have brought in a restriction on exports of petrol to keep prices stable during a period of continued seasonal demand and planned repairs on oil refineries."

This is not the first time Russia has imposed such a measure. Earlier this year, a six-month ban was introduced in March but was temporarily lifted between May and July due to market saturation.

Despite its vast energy reserves, Russia has faced similar export bans on diesel and petrol in the past, primarily due to increasing pump prices and the weakening ruble caused by international sanctions.

The new restriction will not affect deliveries carried out under intergovernmental agreements, including those with Eurasian Economic Union member countries such as Belarus, Kazakhstan, Kyrgyzstan, and Armenia.

In 2023, Russia produced 43.9 million tonnes of petrol, according to official figures.

The ban is seen as critical for Russia, which heavily relies on revenues from oil and gas sales to fund its military operations in Ukraine. Recent months have seen Ukrainian forces targeting fuel depots with drone attacks, cutting off vital resources for Russia’s forces.