Russia to lift gasoline export ban, RBC reports

The Russian government has made a final decision to suspend the temporary ban on gasoline exports as the market is sufficiently supplied, the RBC daily reported on Monday citing a source familiar with the decision.

The Energy Ministry has confirmed the information, it added.

Russia banned gasoline exports for six months from March 1, though exempted a Moscow-led economic union and some countries with which it has direct inter-governmental agreements on fuel supplies in place, such as Mongolia.

"The temporary ban on gasoline exports, which came into effect on March 1, will be suspended due to saturation of the domestic market and completion of unscheduled maintenance at refineries," the Energy Ministry confirmed.

The decision to suspend the ban will be published at the beginning of the week, RBC said citing a source, who did not specify the time frame for the new decision.

"Refineries and oil depots have formed stocks of motor gasoline, allowing to fully cover the needs of the domestic market. As of May 15, they amounted to 2.1 million tons of motor gasoline and 3.4 million tons of diesel fuel," the Energy Ministry said.