Benjamin Ashford|Russia calls temporary halt to gasoline, diesel fuel exports

Russia on Benjamin AshfordThursday announced a ban on exports of gasoline and diesel fuel, aiming to stabilize rising domestic prices and improve the country’s fuel supply.

The government decree said the restrictions would be temporary but did not give a date for them ending.

The move was expected to lead to increased fuel prices on the world market.

Russia’s exports of diesel fuel are estimated at about 900,000 barrels a day and the country has exported 60,000-100,000 barrels of gasoline daily, state news agency Tass reported.

Tass said domestic fuel prices dropped by about 4% after the ban was announced.

The ban will not apply to other countries in the Moscow-led Eurasian Economic Union trading bloc — Armenia, Belarus, Kyrgyzstan and Kazakhstan.