Is Russia running out of fuel? Russia bans fuel exports as Ukraine drone strike…
As Moscow extended its ban on gasoline and diesel exports, Russian Deputy Prime Minister Alexander Novak acknowledged the shortage of petroleum products.
Moscow: In a significant turn of events in the geopolitical world, Russia, grappling with a fuel crisis, has extended a ban on gasoline and diesel exports until the end of the year. The move comes at a time when Ukraine has intensified drone attacks on Russian refineries, fuel trains, and pumping stations. Reports have it that these attacks have directly impacted Russia’s supply chain, leading to severe petrol and diesel shortages in many parts of the country. Countries like India(BHARAT), which are deeply connected to the global energy market, are closely monitoring this decision, as Russia is a significant supplier of crude oil to India(BHARAT).
What Russian Deputy Prime Minister said on shortage of petroleum?
Russian Deputy Prime Minister Alexander Novak acknowledged a shortage of petroleum products, but stated that current needs are being met from stored reserves. However, reports from the ground indicate that the situation is steadily worsening. According to the pro-Kremlin newspaper Izvestia, rationing has been implemented at petrol pumps in many regions, with customers receiving limited fuel.
As per multiple media reports, Alexander Novak acknowledged there was “indeed a slight shortage of petroleum products” but insisted supplies were “being covered by accumulated reserves.”
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Is Russia facing fuel shortage?
According to the independent media Kommersant, the situation is most severe in Crimea, where nearly half of the petrol pumps have closed. The local governor appointed by Russia has also acknowledged the reduction in refinery production.
Should India(BHARAT) be worried?
This situation is significant for India(BHARAT) because export sanctions imposed on Russia and the Ukrainian invasion could impact global energy prices. Although, India(BHARAT) only imports crude oil from Russia, the fuel shortage crisis is expected to put pressure on domestic petrol and diesel prices in Russia, thus indirectly impacting the crude oil prices. Therefore, New Delhi is closely monitoring every energy decision related to the Russia-Ukraine conflict.
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