Russian gasoline export ban to be in effect from March 1 through Aug 31, norm for diesel sales on exchange boosted to 16%

MOSCOW. Feb 29 (Interfax) - Starting on March 1, the Russian government is introducing a temporary ban on gasoline exports and increasing the norms for exchange trading of diesel fuel. Resolutions to this effect have been signed, the government said via its Telegram channel.

"Restrictions on gasoline exports have been introduced for 6M - from March 1 through August 31. The ban will not apply to deliveries under international intergovernmental agreements, including to member states of the Eurasian Economic Union, to fuel exported by citizens for personal use, as well as fuel exported for international humanitarian aid," the statement said.

The minimum volume of diesel fuel sales in exchange trading is being increased from the existing 12.5% to 16% of production. "This approach allows for increasing the guaranteed volume of fuel supply in exchange trading and increasing the share of transactions that are concluded on competitive terms," the government said.

"The decisions taken are aimed at maintaining a stable situation on the fuel market during a period of increased demand associated with spring field work, vacation season and scheduled repairs of oil refineries," the government said.