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Russia Increases June Refinery Subsidies to Address Fuel Shortages

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On July 3, the Russian government announced that subsidies to refineries supplying oil to the domestic market in June increased more than sixfold compared to the same period last year. According to data released by the Russian Ministry of Finance on Friday, 210.6 billion rubles (approximately $2.72 billion) were paid to refineries last month, partially compensating for the difference between domestic and export prices. This is the largest single-month subsidy since December 2023, primarily due to high international fuel prices caused by disruptions in the Strait of Hormuz. Strengthening domestic fuel supply has become a key focus for the Russian government following intensified fuel shortages nationwide due to Ukrainian attacks on refineries. The subsidies incentivize companies to store more oil products domestically and provide them to consumers at lower prices.
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