Russia is ready to introduce a ban on gasoline exports as soon as next week amid record-high wholesale prices on the exchange. On Thursday the price for a tonne of 95-octane gasoline exceeded 60,000 rubles for the first time in the history of the St. Petersburg International Mercantile Exchange. If this persists, Russia “will start the process of banning gasoline exports” next week, Energy Minister Nikolay Shulginov said in a statement. Last year, Russia exported 5.83 million tons of gasoline, or some 15% of its total production, according to Bloomberg calculations based on data from the Federal Customs Service and the Energy Ministry. It’s not the first time this year a ban has been discussed. In mid-April the government discussed the such action to rein in growth in retail gasoline prices, yet a couple of weeks later Deputy Prime Minister Alexander Novak said there was no need, and such […]