Get App
Download App Scanner
Scan to Download
Advertisement

Russia Imposes Full Ban On Diesel Export As Fresh Ukrainian Attacks Threaten Local Supplies

The emergency stabilising action was required due to significant public worry over filling station shortages, Russian deputy prime minister said.

Russia Imposes Full Ban On Diesel Export As Fresh Ukrainian Attacks Threaten Local Supplies
Following Russia's announcement of the export embargo, benchmark European diesel margins reached a record $60.17 per barrel.
AI generated image

In response to ongoing Ukrainian drone attacks on its oil refinery network, Russia imposed a complete ban on diesel exports till July 31, to protect its internal fuel market.

During a televised government briefing on Wednesday, Deputy Prime Minister Alexander Novak made the announcement, stating that the emergency stabilising action was required due to significant public worry over filling station shortages.

As Ukrainian strikes on Russian energy infrastructure intensify, diesel and gasoline supplies are being squeezed, resulting in hours-long lineups for drivers in many locations, as reported by Reuters.

ALSO READ: Russian Oil Gets Cheaper For India As Discounts Cross $10 Mark: Report

President Vladimir Putin presided over a televised government meeting where Deputy Prime Minister Alexander Novak stated that the fuel situation was still complicated and that "it is clear that the current situation at filling stations is causing concern among the public."

"Today, a ban on diesel fuel exports was introduced, and this ⁠will make it possible to increase supplies to the domestic market," he stated.

Russia reportedly began importing gasoline from India by sea last week.

According to the Russian government, the prohibition on diesel exports, which covers fuel manufacturers, will last until July 31. The limitations won't apply to supplies that are covered by current government agreements, including one with Mongolia.

Putin reportedly said in the meeting with officials that Ukraine was attempting to harm Russia's economy.

ALSO READ: IOC Allows Russia's Olympic Return While Retaining Flag And Anthem Ban

Ukraine claims that its assaults on Russian fuel infrastructure are intended to restrict Russia's capacity to conduct war on it and compel Moscow to initiate peace negotiations.

Following Russia's announcement of the export embargo, benchmark European diesel margins reached a record $60.17 per barrel.

In June, Russia's seaborne diesel and gasoline exports fell by 46% from 3.35 million tons in the same month last year and by 39% from the previous month to almost 1.8 million metric tons.

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.

Newsletters

Update Email
to get newsletters straight to your inbox
⚠️ Add your Email ID to receive Newsletters
Note: You will be signed up automatically after adding email

News for You

Set as Trusted Source
on Google Search
Add NDTV Profit As Google Preferred Source