Russia is banning imports of refined oil products, including gasoline, diesel, and jet fuel, to protect its refining industry from cheap imports, according to a decree published on Russia’s government portal on Monday.
The ban will be in effect until October 1, and includes a ban on imports of gasoline, diesel, jet fuel, and gasoil, to ensure the energy security of the Russian federation and stabilize the domestic fuel market, the government says in the decree.
Russia has been considering this measure since early April, after oil prices crashed and led to much cheaper refined oil products outside Russia. In Russia, however, the price of fuels didn’t change much because of the nature of its regulations, Russian outlet RBC reported last month.
In addition, fuel demand in Russia has plummeted because of the self-isolation and lockdowns to curb the spread of the coronavirus pandemic in the country, which reported this weekend its highest daily death toll so far…CLICK for complete article