2024-08-15 00:09:54
Fuel prices in Russia continue to rise. An export ban in the country is now set to remain in effect for an even longer period.
Russia is extending the current export ban on crude oil. The step is intended to stabilize fuel prices in the country, which have recently risen sharply again, the government in Moscow said on Wednesday. The ban will apply from September 1st until the end of the year. It is a “time of sustained seasonal demand and planned repairs in oil refineries,” it said.
Russia first reacted to rising fuel prices with such a measure in autumn 2023. The export ban was then suspended again in November. At the beginning of the year, Moscow announced a six-month oil export ban from March 1, which was then suspended again between mid-May and the end of July, citing “the saturation of the domestic market”. It is now in effect again and will now be extended beyond August.
Russia is a major oil producer. According to official figures, it produced 43.9 million tons in 2023. Revenues from the sale of oil and gas are of crucial importance to Moscow, especially against the backdrop of the military offensive in Ukraine.
However, rising fuel prices are affecting the purchasing power of Russians, which has already been weakened by the weak ruble and the sanctions. In recent months, the Ukrainian army has also repeatedly attacked Russian oil depots with drones.