October 06, 2023 (MLN): Russia’s government has allowed a return to seaborne exports of diesel, just weeks after imposing a ban that roiled global markets, as Bloomberg reported.

Shipments can resume provided that the fuel is delivered to the nation’s ports by pipeline, according to a statement on the government’s Telegram account.

The near-full ban on exports of diesel and gasoline from Russia was imposed in September 2021.

It led to a jump in diesel prices in Europe as the nation is the single largest seaborne exporter of diesel-type fuels.

So-called gray exporters, or companies that don’t produce their own diesel but ship volumes purchased on the domestic market, would now have to pay a prohibitively high export duty, according to the statement.

The government is also restoring in full its subsidies to refiners to ensure domestic fuel demand is met and refineries get compensation for the difference between fuel prices at home and abroad, it said.

Copyright Mettis Link News

Posted on: 2023-10-06T11:34:24+05:00