Russia is preparing to lift its ban on diesel exports after Deputy Prime Minister Alexander Novak stated that the domestic fuel market had stabilized sufficiently. The ban, which took effect on July 8, 2026, was imposed in response to Ukrainian drone strikes targeting Russian oil refineries, which had eroded refining capacity and driven up fuel prices. By June 2026, Russian seaborne diesel exports had fallen to roughly 426,000 to 428,000 barrels per day. This situation triggered a surge in US diesel futures by 11% and European gasoil futures by 13%. A similar embargo on gasoline and diesel had been imposed in September 2023 before being partially lifted two weeks later.
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