Posted on September 19, 2023

Russia is reviving the possibility that it may ban all crude oil product exports, in order to stabilize volatile fuel prices in the country.

On the other hand, Russia could increase its oil product exports duty to $250 per tonne. The duty will be refunded for companies which meet their quota for supplying fuel to Russia’s domestic market.

A ban on product exports from Russia—although temporary—would squeeze Europe’s diesel supplies even more. Europe has banned the import of Russian-sourced refined products as of February, it merely shifted trade patterns; Russia increasing its refined products exports by 50% year over year as of the first quarter by increasing shipments to Africa.

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