Russia partially lifts diesel export ban, allowing 500,000 tons to be supplied to markets
Agencies2 min read
Share
The Russian government announced on Saturday the partial lifting of the ban on diesel exports, allowing for the supply of 500,000 tons to global markets in the first phase, as part of an understanding reached between Russian President Vladimir Putin and his American counterpart Donald Trump.
The Russian government stated that the decision came into effect on Saturday, explaining that Russian oil companies will begin concluding export contracts with foreign buyers in coordination with the government.
For his part, Russian Deputy Prime Minister Alexander Novak confirmed that the decision will not negatively affect consumers within the domestic market.
Novak said, "Our production volume allows us to fully meet the needs of the domestic market, in addition to meeting export needs in the specified quantities."
Russia had imposed a ban on diesel exports from non-producing companies on January 31, before expanding the scope of the ban on July 9 to include direct producing companies.
On Friday, Trump announced an agreement with Russia to supply large quantities of diesel to American and global markets, with the aim of lowering fuel prices, noting the temporary suspension of relevant sanctions.
This comes at a time when diesel prices in the United States have reached record levels, increasing pressure on Republicans ahead of the midterm elections scheduled for November 3, which will determine which party will hold the majority in Congress.
