Russia considers temporary ban on fuel exports due to domestic deficits

The Russian Interfax news agency sources said on Friday that the government is planning to complete ban on the export of oil products in order to stabilise domestic fuel prices, which caused due to refinery upgrades and infrastructure bottlenecks.

The sources added that another option under consideration is an increase in the oil products export duty to $250 per ton. The duty will be reimbursed to those companies that comply with the ministry of energy quotas for supply of petroleum products to the domestic market.

Russia is sticking to plans to reduce its budget deficit in the coming years while ensuring that key areas, including national security and the armed forces, remain well funded, Finance Minister Anton Siluanov said on Monday.