Things are bad in Russia. Moscow has made a decision

Written by Henrik Rothen

Sep.22 - 2023 7:49 AM CET

Photo: Shutterstock.com
Photo: Shutterstock.com
Moscow has made a decision.

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The Russian government has announced temporary restrictions on the export of gasoline and diesel fuel to stabilize the domestic market, according to Reuters.

The move aims to lower consumer prices, although specific details were not provided.

Russia has been grappling with a fuel deficit and rising fuel prices due to global market trends and a weakening ruble.

Bloomberg reported in late August that Russia's export of refined fuels had dropped to its lowest level in 15 months, partly due to strong domestic demand and some products exceeding G7 price limits.

Diesel and gas exports, which make up about 45% of Russia's oil exports, have fallen to just under 1 million barrels per day.

Meanwhile, gasoline and blending component exports have dropped by 43% to 66,000 barrels per day.

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