Russia to lift ban on gasoline exports – RBC report

The Russian government has reached a final decision to revoke the temporary ban on gasoline exports, Reuters reported on Monday citing RBC’s daily report. The Russian Energy Ministry has also confirmed the news.

Initially imposed for six months starting March 1, the ban exempted certain countries within a Moscow-led economic union and those with direct inter-governmental agreements on fuel supplies, such as Mongolia.

“The temporary prohibition on gasoline exports, effective since March 1, will be lifted due to the ample supply in the domestic market and the conclusion of unscheduled maintenance at refineries,” affirmed the Energy Ministry.

Furthermore, RBC’s source indicated that the decision to lift the ban would be formally announced early in the week, without specifying the exact timing.

“Refineries and oil depots have formed stocks of motor gasoline, allowing to fully cover the needs of the domestic market. As of May 15, they amounted to 2.1 million tons of motor gasoline and 3.4 million tons of diesel fuel,” the Energy Ministry stated.