The embargo has been introduced amid record-high stock prices
Russia has imposed a full ban on gasoline exports, extending the measure to all petroleum product manufacturers, the government announced on Tuesday. The embargo takes effect on July 29 and will run until the end of August, with a possible extension into September.
The move follows a partial ban introduced earlier this year that applies to non-producers such as traders, oil depots, and small refineries, while major refineries producing over 1 million tons annually were exempt. Amid rising wholesale gasoline prices, Moscow has now imposed a full embargo. RBK previously reported that the measure had been under discussion since late June, citing sources.
Prices at the pump have risen in Russia since late June. Even as the country recorded its first deflation this year (0.05%) last week, gasoline prices rose 0.3% from July 15-21.
The official notice said the ban aims “to secure a stable situation on the domestic fuel market during the season of high demand and agricultural field work.” Under the new ban, oil companies must redirect more fuel to the domestic market, boosting stock exchange supply.
Read more EU’s Russian diesel ban forcing prices up – industry bossWholesale gasoline prices in the European part of Russia have also surged since early summer, according to the St. Petersburg Mercantile Exchange (SPIMEX). AI-92 gasoline is up 14.8%, AI-95 by 23%, with year-on-year increases of 27.2% and 40.8%, respectively.
Experts cite logistical bottlenecks, seasonal refinery maintenance, and the January 1 indexation of excise duties on gasoline and diesel as key drivers for the surge.
The Energy Ministry said last week that seasonal summer demand is factored into pricing policy and described the domestic fuel market as stable.
Experts note that the embargo does not apply to previously agreed volumes under intergovernmental deals, including with the Eurasian Economic Union bloc of post-Soviet countries, as well as with Mongolia, Uzbekistan, Abkhazia, and South Ossetia.
READ MORE: The EU hits Russia with limp sanctions pack
Analysts say the ban was expected, describing it as part of the administrative cycle of the Russian fuel market. Export restrictions are typically imposed to curb retail price spikes and lifted once prices stabilize.
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