Russia Considers Temporary Ban on Fuel Exports Due to Domestic Shortage

Russian news agency "Tass" reported that the government is considering a complete ban on oil product exports for a specified period to stabilize local fuel prices. The agency stated that among other options under discussion is increasing the export duty on oil products to $250 per ton. Russian news agency "Interfax" reported from sources that this duty would be returned to companies that comply with the quotas set by the Ministry of Energy regarding the supply of oil products to the domestic market. The domestic fuel shortage in Russia, one of the world's largest oil producers, is attributed to refinery upgrades, infrastructure bottlenecks, and the decline in the value of the ruble since Russia's invasion of Ukraine in February 2022, which has raised borrowing costs.