finance
Russia Considers Complete Ban on Diesel Exports
Deputy Prime Minister Alexander Novak said June 23 that Moscow is weighing a full prohibition on diesel shipments abroad. The move follows Ukrainian drone strikes on refineries and comes after earlier statements that no immediate ban was needed.
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Deputy Prime Minister Alexander Novak said June 23 that the Russian government is considering a complete ban on diesel exports. He made the statement at a meeting chaired by President Vladimir Putin. Novak described the domestic fuel market situation as "not simple" yet under control.
Oil companies have already raised fuel production to maximum levels, he added. The comments represent a shift from Novak's June 4 statement that there was no immediate need to extend the export ban to all market participants. Russia currently limits diesel and marine fuel exports to non-producers while maintaining full bans on gasoline and jet fuel shipments.
Russian newspaper Vedomosti reported that officials are also examining fuel imports and subsidies for imported products. Industry sources told Reuters those options were discussed at a June 22 meeting on fuel supplies chaired by Novak. Ukraine has conducted repeated drone strikes on Russian refineries, disrupting production and distribution.
A full diesel export ban would mark one of the largest interventions in Russia's fuel market since the start of the war. On the same day, WTI Crude traded at 72.98 dollars per barrel, down 0.88 dollars or 1.19 percent. Brent Crude stood at 76.89 dollars, down 1.01 dollars or 1.30 percent.
