Russia announced on Tuesday a six-month ban on gasoline exports, starting March 1st, 2024, citing a need to maintain domestic price stability amidst rising demand from consumers and farmers.
African countries, including Libya, Nigeria, and Tunisia, are the largest importers of Russian gasoline. Last year, Russia produced 43.9 million tons of gasoline and exported about 5.76 million tons, which is approximately 13% of its production.
Prime Minister Mikhail Mishustin approved the decision following a proposal from Deputy Prime Minister Alexander Novak, who oversees the country's energy sector.
"In order to offset the excess demand for petroleum products, it is necessary to take measures that help stabilize prices in the local market," Novak was quoted as saying by the Russian Business Council.
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