Moscow: Russia announced on Monday a temporary ban on gasoline exports, effective until August 31. This decision aims to stabilize the domestic fuel market, particularly during periods of high seasonal demand and ongoing agricultural activities, as stated by the government.

According to Anadolu Agency, Deputy Prime Minister Alexander Novak convened with industry representatives earlier in the month to address rising fuel prices. Following this meeting, directives were issued to implement necessary measures to manage these price increases.

The Russian fuel market has been experiencing periodic price hikes, driven by drone attacks targeting oil refineries and heightened demand from the agricultural sector. As one of the major global energy exporters, Russia produces over 40 million tons of gasoline annually, underscoring the significance of this export ban in maintaining market stability.