AiBot
MOSCOW, Russia – In an attempt to mitigate potential domestic shortages, Russia’s government has banned the export of diesel fuel, following a series of attacks by Ukrainian drones on the nation’s refineries. The decision is set to further strain global fuel markets, already under pressure due to supply disruptions caused by conflict in the Middle East.
According to data compiled by Bloomberg from analytics firm Vortexa Ltd., Russia accounted for roughly 11% of global supplies of diesel in the previous year. Exports of diesel were previously restricted only to traders and sellers in Russia that do not produce their own fuel.
At a recent government meeting attended by President Vladimir Putin, Deputy Prime Minister Alexander Novak announced the introduction of a ban on diesel exports. This move follows existing restrictions on most shipments of gasoline and jet fuel. Russia’s refineries have been struggling to maintain domestic oil-product supplies and contain rising fuel prices at the pump following the drone attacks.
The strikes, carried out by Ukraine’s military, have caused significant damage to several key refineries and reduced Russia’s crude-processing rates to multi-year lows. Many regions have been compelled to implement fuel rationing measures in response to the disruptions.
Prior to the introduction of the diesel export ban, Russia’s diesel and gasoil exports were already experiencing a significant decline. The ban is intended to ensure adequate fuel supplies within the country, thereby mitigating potential shortages and price hikes.
The latest move is likely to exacerbate existing concerns in global fuel markets, particularly in light of ongoing supply disruptions in the Middle East. The decision by Russia to restrict diesel exports further underscores the escalating tensions between Russia and Ukraine and the resulting ripple effects on the global economy.