Russia to halt petrol exports globally from April 1

Russia has formally announced a complete ban on petrol exports to global markets starting April 1, a move expected to remain in effect until July 31, 24NewsHD TV reported on Sunday. 

According to international media reports, the decision has immediately sparked volatility in global oil markets, particularly affecting countries heavily dependent on Russian refined petrol, including China, Turkey, Brazil, and several African nations.

The ban comes amid rising geopolitical tensions in the Middle East and fluctuations in international oil prices.

The Russian government has said it aims to protect domestic buffer stocks so that its citizens and industries can continue to access petrol at lower costs and to help contain inflation within the country.

Russia is one of the world’s largest oil producers. While the ban does not apply to members of the Eurasian Economic Union or countries with special bilateral agreements with Moscow, analysts warn the restriction could drive global petrol prices higher.

Russian Deputy Prime Minister Alexander Novak said the decision was intended to safeguard domestic consumers.

 He noted that demand for petrol typically rises during the agricultural season and scheduled refinery maintenance periods in Russia.

“This measure is aimed at ensuring stable petrol supply and keeping domestic prices under control,” Novak said.