March 27 2026: Russian Deputy Prime Minister Alexander Novak Instructed The Energy Ministry To Draft A Resolution To Ban Gasoline Exports Effective From April 1st
According to Reuters, Russian Deputy Prime Minister instructed the Energy Ministry to draft a resolution to ban gasoline exports effective from April 1st. This instruction was delivered on Friday, March 27th 2026.
The reason for the ban on oil exports is due to the significant price fluctuations and market volatility which makes exporting gasoline unstable. Though the demand for Russian oil is high, to which Alexander Novak did take into consideration despite the instructions.
For context, Russia exported nearly 5 million metric tons of gasoline last year which is about 117,000 barrels per day. Thus, Russia is a significant supplier of oil globally.
The ban will therefore cause massive ripple effects to occur effective from April 1st. Global fuel prices are expected to rise from April 1st to July 31st. Global supply will tighten causing fuel shortages in oil importing nations and countries like China, Brazil and Turkey will be most affected.
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