Russia puts six months ban exports of gasoline with effect from March 1

Russia on Tuesday ordered a six-month ban on gasoline exports from March 1 to keep prices stable amid rising demand from consumers and farmers and to allow for maintenance of refineries in the world’s second largest oil exporter.

The ban, first reported by Russia’s RBC, was confirmed by a spokeswoman for Deputy Prime Minister Alexander Novak, President Vladimir Putin’s point man for Russia’s vast energy sector.

RBC, citing an unidentified source, said Prime Minister Mikhail Mishustin had approved the ban after Novak proposed it in a letter dated Feb. 21. A second source told Reuters that the decision had been made but the decree had not yet been issued.