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Russia bans oil and gasoline exports to the West

Russia bans oil and gasoline exports to the West

Russia has banned the export of oil and gasoline as crude prices rose to $100 a barrel, marking a significant escalation that has fueled fears that Moscow is weaponizing oil supplies in retaliation for Western sanctions.

Oil prices in Europe rose after the announcement, up almost 5 percent to over $1,010 a tonne. Crude oil prices also reversed earlier losses, rising 1 percent to $94 a barrel.

Russia is one of the world's largest oil suppliers and a major producer of crude oil. Its crude exports have already been cut under a deal with Saudi Arabia, which has contributed to a 30 percent rise in oil prices since June.

The Kremlin announced that the ban was temporary and designed to address rising energy prices in Russia, but did not give a timeline for when the measures would end.

Among other things, the Russian authorities reason that the ban on the export of oil and gasoline is a move to resupply the domestic markets.

Russia is the world's second largest offshore oil exporter after the US, and before its invasion of Ukraine it was the single largest oil exporter to the EU.

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