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🚨BREAKING: Russia is banning all gasoline exports starting April 1, effective for 4 months until July 31.
Russia exported nearly 5 million metric tons of gasoline last year, roughly 117,000 barrels per day.
All of that is now being kept inside Russia's borders.
The ban came out of an emergency meeting where officials admitted the domestic market is critically short on fuel. Ukrainian strikes on Russian refineries have significantly reduced production of light petroleum products, and many refineries cannot resume operations due to sanctions on Western equipment.
The world is already dealing with the Strait of Hormuz closure. Now 117,000 barrels per day of Russian gasoline is being pulled from global markets simultaneously.