The export ban followed several days of Ukrainian strikes on Russia’s energy infrastructure.
The timing is not great for Europe. Diesel markets have remained tight since March due to disruptions in the Strait of Hormuz amid the war in Iran. Russia is the world’s second-largest diesel exporter, and while the EU no longer imports Russian diesel directly because of sanctions, a squeeze on Russian exports is likely to ripple through global markets by increasing competition for fuel from elsewhere. That could sustain pressure on fuel costs for diesel-intensive industries on the continent.
President Volodymyr Zelenskyy said Wednesday that Ukrainian forces had hit oil facilities in the Saratov region and Tatarstan as part of what he called a campaign of “fully justified” retaliation for Russia’s attacks on Ukraine. “Russians must feel that their state is waging this war,” Zelenskyy wrote on X.
On Tuesday, Gazprom said it was repairing damage to the Krasnodarskaya compressor station serving the Blue Stream pipeline to Turkey after a drone strike. A day earlier, Ukraine targeted Russia’s largest refinery in Omsk, more than 2,500 kilometers from the front line.
Novak had already warned Tuesday that Russia’s fuel market remained under pressure because of peak summer demand and unplanned refinery outages, instructing regional authorities and energy companies to prevent supply disruptions.
The restrictions will remain in place through July 31.