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Government Lifts Ban on Pipeline Diesel Exports

RUSSIA
  • Russia has lifted a ban on pipeline diesel exports, according to a government statement cited by Bloomberg, and will take other steps instead to keep sufficient fuel supplies at home. The move will be a relief to importers after Russia imposed a near-total ban on deliveries on Sep 21 – driving up European prices. While exports can now restart, producers must ensure at least 50% of their diesel output remains at home, the government said.
  • As one of the measures to resolve the crisis on the fuel market, the government may once again raise the norms of mandatory sales of gasoline and diesel fuel on the stock exchange, Kommersant report. As a result, oil companies may be forced to sell up to 15% of their gasoline and 12.5% of diesel fuel.
  • President Putin praised Indian Prime Minister Narendra Modi during a speech yesterday and backed India’s inclusion in a reformed United Nations Security Council, Bloomberg report. International laws must be amended in line with the “requirements and demands of today and in accordance with the changes in the situation in the world,” Putin said, adding that he believes countries like Brazil, India and South Africa deserve greater representation at the UN.
  • The Bank of Russia will publish official reserve assets for September at 1400BST/1600 local time.
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