Russian Deputy Prime Minister Alexander Novak has directed the Ministry of Energy to prepare a draft decree to ban gasoline exports starting April 1, 2026, according to an official statement released after a government meeting on the domestic fuel market.
Officials said the proposed ban is intended to stabilize local fuel prices and ensure that domestic demand is prioritized amid market pressures. The move reflects Russia’s effort to maintain steady supplies within the country and prevent price volatility.
The decision also comes against the backdrop of rising global tensions, particularly the ongoing conflict involving Iran following military actions by the United States and Israel. These developments have contributed to increased uncertainty in global oil markets, pushing prices upward as concerns grow over supply disruptions and the potential for prolonged conflict.
Although oil prices showed signs of easing slightly after Donald Trump hinted at progress in talks with Iran, traders remain cautious due to the lack of concrete details. Reports suggest that Iran has viewed a recent proposal, delivered via Pakistan, as unfair and one-sided, adding to the uncertainty surrounding diplomatic efforts.
Market analysts warn that oil prices are being influenced more by the potential duration of the conflict than by short-term developments. Any escalation, particularly damage to key oil infrastructure or extended hostilities, could drive prices significantly higher.
Meanwhile, tensions remain high around the strategically vital Strait of Hormuz, with warnings issued about reopening it or facing severe consequences. The U.S. has also increased its military presence in the region, while discussions continue over possible actions targeting Iran’s major oil hub at Kharg Island.
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