• May 29, 2024
Eurasian Economic Union Exempted: Russia Halts Fuel Exports to Tackle Crisis

Eurasian Economic Union Exempted: Russia Halts Fuel Exports to Tackle Crisis

On September 22nd, Moscow announced a temporary suspension of gasoline and diesel exports to all countries except for four former Soviet states. This decision was made to bring stability to the domestic fuel market. The ban excludes fuel shipments made under inter-governmental agreements within the Eurasian Economic Union, comprising Belarus, Kazakhstan, Armenia, and Kyrgyzstan.

The government stated that these temporary restrictions aim to increase fuel availability in the local market, ultimately leading to lower prices for consumers. The energy ministry explained that this measure is intended to curb unauthorized “grey” exports of motor fuels.

This export ban has no specific end date, and its continuation will depend on market saturation, as stated by Pavel Sorokin, Russian First Deputy Energy Minister. Sorokin mentioned, “We anticipate that the market will respond quickly, but the duration will be contingent on market conditions and outcomes.”

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Trade data. pro found that Russia has faced fuel shortages and rising wholesale fuel prices in recent months. Retail prices have been controlled to align with official inflation rates. This situation has posed challenges, particularly in regions heavily reliant on fuel for agricultural activities, such as the southern breadbasket. The timing of these supply issues is notable as a presidential election is approaching in March, making the situation potentially delicate for the Kremlin.

Various factors have contributed to the fuel market’s challenges, including refinery maintenance, transportation bottlenecks, and the devaluation of the Russian ruble, which encourages fuel exports.

To address the fuel market’s instability, the government previously increased mandatory supply volumes of gasoline and diesel on the commodity exchange. Additionally, a system for daily monitoring of fuel purchases for agricultural needs has been established.

In the previous year, Russia exported approximately 4.817 million tons of gasoline and nearly 35 million tons of diesel.

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