Russia halts petrol exports, sparks global supply concerns

MOSCOW: Russia has officially announced a complete ban on the supply of petrol to the world from April 1.

After Russia’s announcement, the global market has once again been shaken. This ban is initially expected to remain in effect until July 31, 2026. This decision will affect countries that rely on Russian refined petrol, including China, Turkey, Brazil and several countries in Africa.

According to foreign media, in view of the increasing geopolitical tensions in the Middle East and the fluctuations in international oil prices, the Putin government has decided to preserve its buffer stock. Russia wants its people and industries to be able to take advantage of cheap petrol and keep inflation under control within the country.

It should be noted that Russia is one of the world’s largest oil producers. Although this ban will not apply to members of the Eurasian Economic Union and countries with which Russia has special agreements, there are fears that global petrol prices will increase for the rest of the world.

In addition, according to Russian Deputy Prime Minister Alexander Novak, this decision was made to protect the interests of domestic consumers. In Russia, gasoline demand increases during the growing season and scheduled maintenance of refineries.