MOSCOW: Russian Deputy Prime Minister Alexander Novak instructed the Ministry of Energy to prepare a draft government decree banning gasoline exports from April 1, 2026, the Russian Cabinet said after meeting on the situation on the domestic petroleum products market.
“Alexander Novak instructed the Ministry of Energy in conclusion of the meeting to prepare the draft decree prohibiting gasoline exports from April 1, 2026,” Russian official news agency reported citing government.
This measure is aimed at stabilizing prices and ensuring priority fuel supplies to the domestic market.
The Russain decision, however, provides another perspective in view on the Middle East war tht has been on escalating trajectory after the US and Israeli attack on Iran on February 28. Oil prices have been on the rise reflecting scepticism about prospects for a ceasefire in the month-old Iran war. Brent crude was set for its first weekly decline since February 9 after U.S. President Donald Trump said talks with Iran were going well while offering no details.
Traders are cautious about Trump’s statements about the Iran talks. An Iranian official told Reuters that a U.S. proposal conveyed to Tehran by Pakistan was “one-sided and unfair”.
“Despite talks of de-escalation, oil is trading on war longevity, not just headlines. Any direct damage to oil infrastructure or prolonged conflict could force markets to rapidly reprice higher,” said Priyanka Sachdeva, analyst at Phillip Nova.
While Trump extended his deadline for Iran to reopen the Strait of Hormuz or face the destruction of its energy infrastructure, the U.S. has also sent thousands of troops to the Middle East, with Trump weighing whether to use ground forces to seize Iran’s strategic oil hub of Kharg Island.
