Russia bans diesel exports after attacks on Ukrainian refinery | Today’s news

Russia has banned diesel exports to avoid domestic shortages after a wave of Ukrainian drone attacks on the nation’s refineries.

The decision could further depress global fuel markets, which are already under pressure due to supply disruptions caused by the war in Iran. Russia accounted for about 11% of global diesel supplies last year, according to data compiled by Bloomberg from the Vortexa Ltd analytics company.

Fuel exports were previously prohibited only to traders and other sellers in Russia who do not produce their own fuel.

“Today we introduced a ban on diesel exports,” said Deputy Prime Minister Alexander Novak at a government meeting with President Vladimir Putin.

The diesel export ban is in addition to existing restrictions on most gasoline and jet fuel shipments. Russia is struggling to secure domestic supplies of oil products and keep prices at the pump after drone strikes damaged several refineries.

Ukraine’s stepped-up strikes have pushed Russia’s oil processing rate to multi-year lows. Many regions have been forced to implement some degree of fuel rationing due to blackouts.

Even before the ban, Russian exports of diesel and gasoline were falling significantly.