Russia Bans Gasoline and Diesel Exports

RT reports that the Russian government’s temporary ban on foreign sales of diesel and gasoline, imposed on Sept. 21 with the aim of stabilizing their domestic fuel market, has driven up global oil prices. Brent crude oil futures went above $94 per barrel and U.S. West Texas Intermediate crude (WTI) gained roughly 1%, to trade over $90 per barrel. According to the Kremlin, the measure does not apply to fuel supplied under intergovernmental agreements with members of the Eurasian Economic Union, which includes Belarus, Kazakhstan, Armenia, and Kyrgyzstan.