Russia is set to suspend gasoline exports from April 1

The Russian Deputy Prime Minister Alexander Novak announced that he has requested the Ministry of Energy to develop a draft to ban gasoline exports starting April 1, according to a statement from the Moscow government. The ban is planned to be in effect until July 31, in response to the turmoil in the global oil and petroleum products market caused by the crisis in the Middle East. Novak emphasized that, although external demand for Russian energy resources remains high, the volume of processed oil remains at last year's level, ensuring stable supply. Last year, certain regions in Russia and areas in Ukraine controlled by Russians reported gasoline shortages, in the context of Ukrainian attacks on Russian refineries.

Russia has previously imposed cuts on gasoline and diesel exports to control prices and address supply issues. In 2022, Russia exported nearly five million metric tons of gasoline, equivalent to about 117,000 barrels per day.