Official: Russian Ban on Fuel Exports Yields Results

Russian Deputy Prime Minister Alexander Novak indicated on Saturday that "the ban on fuel exports has begun to bear fruit, with a decline in gasoline and diesel prices." Novak stated that "the fuel export ban, which came into effect on September 21, is primarily aimed at stabilizing the domestic market." He mentioned on Friday that "Russia may impose quotas on fuel exports abroad if the complete export ban fails to reduce the rising prices of gasoline and diesel." The ban includes exports of gasoline and diesel to all countries, except for four former Soviet republics, in an effort to mitigate the rising domestic fuel prices and address the fuel shortage crisis.