From February 5, 2023, the European Union will no longer purchase petroleum products such as diesel, gasoline or lubricants from Russia.
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Russia’s government announced on Friday the lifting of the ban on diesel exports delivered to sea ports via pipelines. This move comes as part of the Russian government’s recent decision to remove several restrictions it had imposed in the previous month.
The Kremlin stated that the ban on diesel exports delivered to seaports by pipeline has been lifted, provided that at least 50% of the diesel fuel produced is supplied to the domestic market.
Earlier, Russia had imposed an indefinite ban on the export of diesel and gasoline to most countries, causing significant disruptions in global markets. However, the ban on gasoline exports remains in effect.
Moscow initially implemented these measures on September 21 to stabilize fuel prices in the domestic market. Kremlin spokesperson Dmitry Peskov had stated that the restrictions would continue until market stability is ensured.
The ban resulted in a surge in diesel prices, as Russia is one of the leading suppliers of diesel globally and a major exporter of crude oil.
Alongside the lifting of the ban, Russia’s government also imposed a “protective duty” of 50,000 roubles ($495.6) per ton for resellers of petroleum products. The aim is to prevent unauthorized “gray exports” by companies operating through unofficial channels.
The Kremlin added, “This measure prevents resellers from stockpiling fuel for future export after the current restrictions are lifted and stops them from misclassifying fuel as other products to bypass regulations.”
Following the announcement, diesel prices in Europe experienced a drop. The ICE gas oil contract in London, which serves as a proxy for diesel prices, saw a 2.2% decrease, trading at $849.75 per ton during morning deals.
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