Russia temporarily bans fuel exports to most countries in response to shortages

MOSCOW, Sept 21 — Russia has temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market, the government said today.

“Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers,” the government said in a statement.In recent months Russia has suffered shortages of gasoline and diesel. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation.

Traders say the fuel market has been hit by factors including maintenance at oil refineries, bottlenecks on railways and the weakness of the rouble, which incentivises fuel exports. The government statement added: “Previously, to stabilise the situation on the fuel market, the government raised the mandatory supply volumes of motor gasoline and diesel fuel to the commodity exchange.

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