Russia Implements Indefinite Ban on Diesel and Gasoline Exports, Sending Shockwaves Through Global Markets

Russia imposed an indefinite ban on exporting diesel and gasoline to most countries outside the Eurasian Economic Union. This ban took immediate effect. Russia is a major global exporter of diesel and has weaponized energy supplies in the past. The ban comes as global diesel inventories are already low. Tight diesel markets will be exacerbated as demand rises seasonally over the northern hemisphere winter. Russia previously supplied over 2 million barrels per day of oil products to global markets.