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Russia bans diesel exports after Ukrainian attacks, straining already tense global market
CNN • • world
Key Points:
- Russia has fully banned diesel exports following Ukrainian drone strikes on its refineries, aiming to increase domestic fuel supplies amid widespread shortages and long queues at gas stations across the country.
- The ban extends previous restrictions that only prevented non-producers from exporting diesel, now encompassing all producers and effectively halting diesel exports entirely.
- The move comes amid heightened global energy market tensions, with fears of disruption in the Strait of Hormuz due to deteriorating US-Iran relations and renewed sanctions on Iranian oil sales.
- Analysts warn the ban will likely drive up global diesel prices and intensify competition among major importers like Turkey and Brazil, who may seek alternative supplies from the US, Europe, the Middle East, and India.
- Despite the ban’s impact, some experts expect it to be temporary due to Russia’s potential loss of export revenue, while Ukrainian attacks continue to suppress Russia’s diesel export capacity.
