MOSCOW: (Web Desk) – Russia has officially announced a complete ban on petrol exports to global markets starting April 1, expected to remain in effect until July 31, according to 24NewsHD TV.
International media report that the move has immediately triggered volatility in global oil markets, significantly affecting countries reliant on Russian refined petrol, including China, Turkey, Brazil, and several African nations.
The ban comes amid rising geopolitical tensions in the Middle East and ongoing fluctuations in international oil prices. The Russian government stated that the measure is intended to protect domestic buffer stocks, ensuring citizens and industries maintain access to petrol at lower costs while containing inflation.
Asian nations compete to secure discounted Russian oil supplies
Russia, one of the world’s largest oil producers, has exempted members of the Eurasian Economic Union and countries with special bilateral agreements. Analysts warn that this restriction could push global petrol prices higher.
Russian Deputy Prime Minister Alexander Novak said the ban is aimed at safeguarding domestic consumers, noting that petrol demand usually rises during the agricultural season and refinery maintenance periods. “This measure is aimed at ensuring stable petrol supply and keeping domestic prices under control,” Novak added.
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