Russia lifts gasoline export ban until June 30

MOSCOW. May 21 (Interfax) - The Russian government is suspending the temporary ban on gasoline exports for fuel producers until June 30, 2024.

The relevant order has been signed and it will go into effect upon publication, the government's Telegram channel reported.

However, the restrictions on gasoline exports will remain in place in the period from July 1 to August 31, the government said.

"The decision was made taking into account the saturation of the domestic automobile gasoline market, the prevention of a decline in refining volumes by some oil refineries due to overstocking of automobile gasoline, as well as the need to free up ports from fuel that was planned for export but not shipped out by actual producers after the imposition of the restrictions," the statement said.

The government imposed the temporary ban on gasoline exports on March 1 for a period of six months, to August 31. The ban did not apply to shipments under international intergovernmental agreements, including with members of the Eurasian Economic Union, fuel taken out of Russia by individuals for personal use or fuel exported to provide international humanitarian aid.

In addition, the authorities raised the minimum amount of diesel fuel that companies must sell in exchange trading from 12.5% to 16% of production on March 1.

These moves were aimed at keeping the fuel market stable during the period of stronger demand due to spring farm work, seasonal holidays and scheduled maintenance at refineries.