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A view shows a Russian one rouble coin in front of a screen in this illustration picture taken August 22, 2023. By 1125 GMT, the rouble was 1.8% weaker against the dollar at 102.18 , its weakest point since March 23, 2022. The Russian currency tumbled to a record low 121.5275 in the weeks after Moscow's February 2022 invasion of Ukraine. The rouble had lost 1.9% to trade at 107.76 versus the euro and shed 2.1% against the yuan to 14.01 . The rouble-based MOEX Russian index (.IMOEX) was 1.3% higher at 3,184.6 points, a near one-month high.
Persons: Maxim Shemetov, rouble, Alexei Antonov, Alexander Marrow, Angus MacSwan, Mark Potter Organizations: REUTERS, Bank of Russia, Reuters, Brent, Thomson Locations: Russian, Israel, Gaza, Ukraine
Ukraine said it invented an "invisibility cloak" to help soldiers evade detection from thermal-imaging devices. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUkraine claims to have invented an "invisibility cloak" to help its soldiers evade detection by Russian thermal-imaging cameras and drones. It will help our soldiers work effectively during the night," Fedorov wrote in an X, formerly known as Twitter, post. AdvertisementAdvertisementIt is not clear how or if the new Ukrainian jacket differs in any way.
Persons: , Mykhailo Fedorov, Fedorov, Maxim Boryak, Boryak Organizations: Newsweek, Service, Russian, Digital Transformation, Twitter, NATO, Kyiv Post, Israeli Ministry of Defense, Polaris Solutions Locations: Ukraine, Ukrainian, Afghanistan, Israel
The government said the lifting of restrictions applies to companies that supply at least 50% of the produced diesel fuel to the domestic market. Restrictions on railway diesel exports remain in place, with the exception on exports to some ex-Soviet states. A resumption of Russian diesel exports will have the biggest impact on Turkey and Brazil, Russia's two biggest buyers this year. Traders expect the lifting of the diesel ban could mean Asian diesel cargoes which would have replaced Russian exports in Africa and Turkey will now stay in the region, adding to already ample supplies. The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States.
Persons: Transneft, Serena Huang, Maxim, Alexander Novak, Vortexa, William Maclean Organizations: TASS, Traders, REUTERS, Kommersant, Kremlin, FGE Energy, Thomson Locations: MOSCOW, LONDON, SINGAPORE, Russia, Soviet, Baltic, Turkey, Brazil, Africa, Konstantinovo, Moscow, United States
Putin on Thursday said Russia's nuclear doctrine did not need updating but that he was not yet ready to say whether or not Russia needed to resume nuclear tests. The Kremlin chief said that Russia should look at revoking ratification of the Comprehensive Nuclear Test Ban Treaty (CTBT) as the United States had signed it but not ratified. Just hours after Putin's words, Russia's top lawmaker, Vyacheslav Volodin, said the legislature's bosses would swiftly consider the need to revoke Russia's ratification for the treaty. "At the next meeting of the State Duma Council, we will definitely discuss the issue of revoking the ratification of the Comprehensive Nuclear Test Ban Treaty," Volodin said. Putin's words, followed by Volodin's, indicate that Russia is almost certain to revoke ratification of the treaty, which bans nuclear explosions by everyone, everywhere.
Persons: Vyacheslav Volodin, Maxim Shemetov, Putin, Vladimir Putin, peaker Volodin, Volodin, Volodin's, Guy Faulconbridge, Sonali Paul, Stephen Coates Organizations: Nazi, REUTERS, Soviet Union, Comprehensive, Cuban Missile Crisis, Kremlin, State Duma Council, Soviet, United Nations, United, United States Air Force's National Air and Space Intelligence Center, Thomson Locations: Russia's, Nazi Germany, Red, Moscow, Russia, MOSCOW, United States, Washington, Brussels, State, Ban, Soviet Union, India, Pakistan, North Korea
[1/2] A view shows a Russian one rouble coin in front of a screen in this illustration picture taken August 22, 2023. REUTERS/Maxim Shemetov/Illustration/File photo Acquire Licensing RightsOct 5 (Reuters) - The Russian rouble weakened past 100 to the dollar to a more than seven-week low as President Vladimir Putin spoke on Thursday, hurt by reduced foreign currency supply from exporters early in the month. By 1535 GMT, the rouble was 0.7% weaker against the dollar at 100.30 , its weakest point since Aug. 14. The rouble has lost support of a favourable month-end tax period that usually sees exporters convert FX revenues to meet local liabilities. "But this will happen either in the second half of the month or when the exchange rate goes above 100 roubles per dollar," Antonov said.
Persons: Maxim Shemetov, Russian rouble, Vladimir Putin, Putin, Bogdan Zvarich, Alexei Antonov, Antonov, Alexander Marrow, Angus MacSwan, Paul Simao, William Maclean Organizations: REUTERS, Brent, Thomson Locations: Russian, Sochi, United States, Ukraine, Moscow, Alor
Former Russian state TV employee Marina Ovsyannikova, who staged an anti-war protest on live state television and was later charged with public activity aimed at discrediting the Russian army amid Ukraine-Russia conflict, attends a court hearing in Moscow, Russia, July 28, 2022. REUTERS/Evgenia Novozhenina/File Photo Acquire Licensing RightsMOSCOW, Oct 4 (Reuters) - A Russian court sentenced former state TV journalist Marina Ovsyannikova, who burst into a news broadcast with a placard that read "Stop the war" and "They're lying to you", to eight and half years in jail in absentia on Wednesday. Ovsyannikova was found guilty of "spreading knowingly false information about the Russian Armed Forces", according to a statement posted by the court on Telegram. She had staged her original protest less than three weeks after Russia invaded Ukraine on Feb. 24, 2022, in what it called a "special military operation". Writing by Maxim Rodionov; editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.
Persons: Marina Ovsyannikova, Evgenia, Ovsyannikova, Maxim Rodionov, Guy Faulconbridge Organizations: REUTERS, Rights, Russian Armed Forces, Thomson Locations: Russian, Ukraine, Russia, Moscow, Ovsyannikova
By 1150 GMT, the rouble was 0.6% stronger against the dollar at 99.17, having hit 100.2550 in early trade, a more than seven-week low. "There is still no cause for concern," Kremlin spokesman Dmitry Peskov told reporters. "Expensive oil and an increase in the key rate are improving the outlook for the rouble, but in the medium-term," Promsvyazbank analysts said. They expected the rouble to make a short-lived move beyond 100 to the dollar in the absence of new support measures from the authorities. "This level (100) is not a technical resistance, it's an important psychological barrier," said Alor Broker's Alexei Antonov.
Persons: Maxim Shemetov, Dmitry Peskov, Brent, Vladimir Putin's, Alexei Antonov, Lidia Kelly, Alexander Marrow, Andrew Heavens, Alison Williams Organizations: REUTERS, Bank of Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Ukraine, Melbourne, London
(Reuters) - The Russian Ministry of Foreign Affairs said on Tuesday it had summoned the Moldovan ambassador. The ministry said it had taken reciprocal measures after the expulsion of the head of Sputnik Moldova news agency from Moldova on Sept. 13. The ministry said the Moldovan ambassador was informed that "a number of individuals directly involved in restricting freedom of speech and the rights of Russian journalists in Moldova, as well as inciting anti-Russian sentiments, were banned from entering Russia." The Ministry did not name the people who were banned from entering Russia. (Reporting by Maxim Rodionov; Editing by Chris Reese)
Persons: Maxim Rodionov, Chris Reese Organizations: Reuters, Russian Ministry of Foreign Affairs, Sputnik Locations: Moldovan, Sputnik Moldova, Moldova, Russia
Pirelli's Chinese investors terminate shareholder agreement
  + stars: | 2023-10-03 | by ( ) www.reuters.com   time to read: +1 min
A tyre produced by the Italian company Pirelli is on display at a dealership in Moscow, Russia, March 23, 2023. REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMILAN, Oct 3 (Reuters) - Pirelli's (PIRC.MI) Chinese investors Sinochem and Silk Road Fund have decided not to extend their agreement to work together on some issues at the tyremaker, the Italian group said on Tuesday. The two investors, which hold stakes of 37% and 9% respectively, had initially signed the shareholder agreement in 2020. As part of it, Silk Road Fund had committed to follow Sinochem's votes at Pirelli shareholder meetings on selected matters for a stake comprising 5% out of their total 9%. The agreement terminated due to its expiry on Sept. 29, Pirelli said in a statement, without providing reasons for the decision.
Persons: Maxim, Pirelli, Sinochem, Camfin, Marco Tronchetti Provera, Giulio Piovaccari, Keith Weir Organizations: Pirelli, REUTERS, Silk, Fund, Formula, Thomson Locations: Italian, Moscow, Russia, Sinochem
Michael Lewis gave a peek into details from his new book on Sam Bankman-Fried in a tell-all interview. AdvertisementAdvertisement"The Big Short" author Michael Lewis shared some of the wildest details from his forthcoming book on disgraced FTX cofounder Sam Bankman-Fried during a tell-all interview with "60 Minutes" on Sunday. Tom Brady and Sam Bankman-Fried had an unlikely friendship, according to Michael Lewis. Sam Bankman-Fried, a known "League of Legends" fan, played a video game during his first live TV interview, Michael Lewis said. Sam Bankman-Fried.
Persons: Michael Lewis, Sam Bankman, Lewis, SBF, Tom Brady, Donald Trump, , Bankman, Sam, Erin Schaff, Insider's Lloyd Lee, Fried, Trump, Brady, Sebastian Widmann, Sam wasn't, FTX, he's, Larry David, Steph Curry's, Steph Curry, Anna Wintour, Matt Winkelmeyer, Vogue's Anna Wintour, Wintour, Spokespeople, David, Curry, Michael M, Bernie Madoff, Elizabeth Holmes, Jim Spellman, WireImage Lewis Organizations: Service, Trump, NFL, Super, Miami, Sequoia Capital, Metropolitan Detention, Prosecutors, Alameda Research, Bankman Locations: New York, Trump, Hollywood, America, Bahamas, Brooklyn
A view shows petrol pump nozzles at a fuel station of Neftmagistral company in Moscow, Russia, September 8, 2023. Diesel prices were down 4.97% on the day at 59,130 roubles per ton according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Russian Deputy Prime Minister Alexander Novak said on Saturday that the fuel export ban started to produce positive results with a decline in gasoline and diesel prices. Russia's Federal Anti-Monopoly Service opened last week six cases looking into violations of the fuel market. ($1 = 98.7850 roubles)Reporting by Alexander Ershov; writing by Vladimir Soldatkin, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.
Persons: Maxim, Alexander Novak, Alexander Ershov, Vladimir Soldatkin, Ed Osmond Organizations: REUTERS, Rights, St . Petersburg International Mercantile Exchange, Monopoly Service, Thomson Locations: Moscow, Russia, St, Russian, Federal
Russia's Putin Signs Decree on Autumn Military Conscription
  + stars: | 2023-09-29 | by ( Sept. | At A.M. | ) www.usnews.com   time to read: +1 min
(Reuters) - Russian President Vladimir Putin has signed a decree setting out the routine autumn conscription campaign, calling up 130,000 citizens for statutory military service, a document posted on the government website showed on Friday. All men in Russia are required to do a year-long military service between the ages of 18 and 27, or equivalent training while in higher education. Putin's move comes as Russia's armed forces press on with their "special military operation" in Ukraine, now in its 20th month. In July Russia's lower house of parliament voted to raise the maximum age at which men can be conscripted to 30 from 27. The West says it wants to help Ukraine defeat Russia - an aim Kremlin officials say is an unrealistic pipedream.
Persons: Vladimir Putin, Putin's, Maxim Rodionov, Gareth Jones Organizations: Reuters Locations: Russia, Ukraine, Russian
Russia's Putin signs decree on autumn military conscription
  + stars: | 2023-09-29 | by ( ) www.reuters.com   time to read: +1 min
Russian President Vladimir Putin delivers a speech during a concert dedicated to the 100th birth anniversary of Soviet and Russian poet Rasul Gamzatov at the State Kremlin Palace in Moscow, Russia, September 28, 2023. Sputnik/Vyacheslav Prokofyev/Pool via REUTERS/ File Photo Acquire Licensing RightsSept 29 (Reuters) - Russian President Vladimir Putin has signed a decree setting out the routine autumn conscription campaign, calling up 130,000 citizens for statutory military service, a document posted on the government website showed on Friday. All men in Russia are required to do a year-long military service between the ages of 18 and 27, or equivalent training while in higher education. Putin's move comes as Russia's armed forces press on with their "special military operation" in Ukraine, now in its 20th month. The West says it wants to help Ukraine defeat Russia - an aim Kremlin officials say is an unrealistic pipedream.
Persons: Vladimir Putin, Rasul Gamzatov, Vyacheslav Prokofyev, Putin's, Maxim Rodionov, Gareth Jones Organizations: Sputnik, Thomson Locations: Russian, Moscow, Russia, Ukraine
Russian President Vladimir Putin delivers a speech during a concert dedicated to the 100th birth anniversary of Soviet and Russian poet Rasul Gamzatov at the State Kremlin Palace in Moscow, Russia, September 28, 2023. Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS/file photo Acquire Licensing RightsMOSCOW, Sept 29 (Reuters) - Russian President Vladimir Putin has signed a decree giving Italian bank Intesa Sanpaolo (ISP.MI) permission to sell or dispose of its assets in Russia, a document posted on a Russian government website showed on Friday. The latest decree said Moscow was permitting transactions that would lead to the direct or indirect disposal of 100% of Intesa's shares. It stopped new financing to Russian clients and fresh investments in Russian assets when the conflict broke out. The green light for Intesa could pave the way for similar approvals for other lenders still entangled in Russia.
Persons: Vladimir Putin, Rasul Gamzatov, Aleksey Nikolskyi, Putin, Intesa, UniCredit, Maxim Rodionov, Alexander Marrow, Susan Fenton, Mark Potter Organizations: Sputnik, REUTERS, Rights, Reuters, Raiffeisen Bank, Thomson Locations: Russian, Moscow, Russia, Kremlin, Ukraine
Uber names semiconductor executive Mahendra-Rajah as CFO
  + stars: | 2023-09-27 | by ( ) www.reuters.com   time to read: +2 min
The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 27 (Reuters) - Uber Technologies (UBER.N) on Wednesday named Analog Devices (ADI.O) CFO Prashanth Mahendra-Rajah as its finance chief at a time when the ride-hailing company is gearing up for growing competition in the industry. At semiconductor firm Analog Devices, Mahendra-Rajah oversaw the roughly $21-billion acquisition of rival Maxim Integrated Products. Mahendra-Rajah was previously the CFO at vehicle technologies supplier WABCO Holdings and has held other financial leadership roles at Applied Materials (AMAT.O), Visa (V.N) and United Technologies. Still, with more than $1 billion in free cash flow in the second quarter, Uber said it was increasingly considering share repurchases and shareholder dividends.
Persons: Arnd, Prashanth Mahendra, Rajah, Mahendra, Nelson Chai, Uber, Deborah Sophia, Shounak Dasgupta Organizations: REUTERS, Technologies, Devices, Maxim Integrated Products, WABCO Holdings, Materials, Visa, United Technologies, Los Angeles Yellow Cab, Thomson Locations: Davos, Switzerland, San Francisco, Nelson, Europe, Asia, Bengaluru
"After Russia’s full-scale invasion of Ukraine in February 2022 and the imposition of economic sanctions by the EU, US and a number of other advanced economies, Russian imports became increasingly invoiced in yuan," according to the paper led by economists Maxim Chupilkin and Beata Javorcik. The use of the Chinese yuan for trade with Russia has also increased for third countries that did not impose economic sanctions but hold a currency swap line with the People's Bank of China (PBOC), such as Mongolia and Tajikistan. Overall, economic sanctions could herald a gradual shift away from the U.S. dollar, the study said. "The dominance of the U.S. dollar makes international sanctions more effective, as firms engaged in international trade overwhelmingly require payments to be cleared through the U.S. banking system," the authors found. "At the same time, the use of economic sanctions may over time reduce attractiveness of the U.S. dollar as a vehicle currency and hence its dominance."
Persons: Maxim Chupilkin, Beata Javorcik, SWIFT, Jorgelina, Karin Strohecker, Philippa Fletcher 私 Organizations: European Bank for Reconstruction, EU, U.S, People's Bank of China, U.S . Locations: Ukraine, China, Russia, Mongolia, Tajikistan, Russian, Rosario
MUENSTER, Germany, Sept 26 (Reuters) - Bayern Munich cruised past third-tier club Preussen Muenster 4-0 despite having several players missing, including striker Harry Kane, in their delayed German Cup first round match on Tuesday. Kane had scored a hat-trick in their 7-0 demolition of VfL Bochum on Saturday but was rested and left on the bench. Bayern coach Thomas Tuchel, who was also missing three of his central defenders through injury, opted for 18-year-old Mathys Tel and Eric Maxim Choupo-Moting up front. Bayern fans threw hundreds of tennis balls onto the pitch, in protest against the decision to hold the German Super Cup last month on the day of the Cup first round, forcing Bayern to delay their first-round match. France youth international Tel added a fourth from a tight angle in the 85th to continue his good form, having also scored three goals in the league so far this season.
Persons: Harry Kane, Kane, Thomas Tuchel, Eric Maxim Choupo, Serge Gnabry, Tuchel, Daniel Peretz, Konrad Laimer, Frans Kraetzig volleyed, Karolos, Toby Davis Organizations: Bayern Munich, Preussen, VfL Bochum, Bayern, France, Tel, Thomson Locations: MUENSTER, Germany
It's OFAC office issued compliance guidance to the industry regarding the exit tax in the form of FAQs, or frequently asked questions, on Feb. 24, 2023, while negotiations on KFC's exit deal were still ongoing. The deal included all its Russian KFC restaurants, operating system and the trademark for the Rostic's brand. Once the buyers were approved, taking this new requirement into account, another one appeared - the budget contribution termed an "exit tax" by Washington - Levin said. "The closure was delayed again, the correct procedure on paying the exit tax was agreed," Levin said. Former KFC restaurants began opening in April as Rostic's, reviving a brand born soon after the collapse of the Soviet Union.
Persons: Maxim, Sergei Levin, Levin, McDonald's, It's, Konstantin Kotov, Andrey Oskolkov, Elena Fabrichnaya, Alexander Marrow, Matt Scuffham, Timothy Gardner Organizations: Brands Inc, KFC, REUTERS, U.S . Office, Foreign Assets Control, Brands, Treasury, Smart Service, Russian KFC, Washington, Soviet Union, Rostic's, Thomson Locations: Russia, Moscow, Ukraine MOSCOW, U.S, Unirest, KFC's U.S, Ukraine, Russian, Soviet
Kosovo police officers stand guard on the road to Banjska monastery, in the aftermath of a shooting incident, near Zvecan, Kosovo September 25, 2023. Russia does not recognise Kosovo, which has a majority ethnic Albanian population, as an independent country and traditionally supports Serbia, with which it has close religious and cultural ties. The situation is very, very tense and potentially dangerous, we are monitoring it very closely," Kremlin spokesman Dmitry Peskov told a regular news briefing. Ethnic Albanians form the vast majority of the 1.8 million population of Kosovo, a former province of Serbia. The ministry said Kurti was trying to escalate the situation in order to increase pressure on Serbs to recognise Kosovo's independence.
Persons: Ognen, Dmitry Peskov, Albin Kurti, Kurti, Gareth Jones, Maxim Rodionov, Mark Trevelyan Organizations: REUTERS, Rights, Kosovar, Kosovo, Reuters, Thomson Locations: Banjska, Zvecan, Kosovo, Russia, Serbia, Belgrade, Kosovo Albanian, Serbian, Serbs
Russian rouble firms against euro, steady vs dollar
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +1 min
At 1452 GMT, the rouble was steady against the dollar at 96.24 and had gained 0.6% to trade at 101.98 versus the euro . The move should lead to extra government revenues - as much as 600 billion roubles ($6.23 billion) per year, according to seven Reuters sources - and could also buttress the rouble. The government said the duty would not apply if the rouble strengthened beyond 80 to the dollar. Otherwise it would range from 4% to 7%, reaching its maximum if the rouble was weaker than 95 per dollar. Russian stock indexes were lower, with the dollar-denominated RTS index (.IRTS) down 0.5% to 995 points and the rouble-based MOEX Russian index (.IMOEX) down 0.4% at 3,036.
Persons: Maxim Shemetov, Russia's, Mark Trevelyan, Gareth Jones Organizations: REUTERS, European Central Bank, Federal Reserve, Thomson Locations: Russian, Moscow
Sept 25 (Reuters) - Russian air defence units repelled several Ukraine drone attacks over the Belgorod and Kursk regions late on Monday, destroying at least 11 drones in total, Russia's defence ministry said. The ministry in several separate statements on its Telegram messaging app said that seven drones were downed over the Belgorod region and four over the Kursk region. Both Belgorod and Kursk regions border Ukraine and have been subject to numerous drone attacks in the course of the war that Russia launched against its neighbour in February 2022. Ukraine rarely claims responsibility for attacks inside Russia or on Russian-controlled territory in Ukraine, but has been saying in recent months that destroying Russia's military infrastructure helps Kyiv's counteroffensive. Reporting by Maxim Rodionov and Lidia Kelly; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.
Persons: Maxim Rodionov, Lidia Kelly, Bill Berkrot Organizations: Reuters, Thomson Locations: Ukraine, Belgorod, Kursk, Moscow, Russia
Kane's three goals put him above club great Gerd Mueller, Miroslav Klose and Mario Mandzukic who all scored five times in their first five games. The Bavarians, who beat Manchester United 4-3 in their Champions League opener on Wednesday, move up to 13 points in top spot from five Bundesliga games. Earlier, Eric Maxim Choupo-Moting had tapped in for a fourth-minute lead from a perfectly-timed Kingsley Coman assist. Kane made sure of a club record when he scored with a 54th-minute penalty before Coman hit the woodwork on the hour. ($1 = 0.9388 euros)Reporting by Karolos Grohmann; editing by Clare FallonOur Standards: The Thomson Reuters Trust Principles.
Persons: Harry Kane, Michaela Rehle, Gerd Mueller, Miroslav Klose, Mario Mandzukic, Kane, Eric Maxim Choupo, Moting, Kingsley Coman, Leroy Sane, Coman, Tel, Karolos, Clare Fallon Organizations: Soccer Football, Bundesliga, Bayern Munich, VfL Bochum, Allianz Arena, Bayern, Rights, Manchester United, Champions League, Bayer Leverkusen, England, Thomson Locations: Munich, Germany, Rights MUNICH, Bayern Munich, Heidenheim, Sunday
Thirty-five judges are part of Mriya, a volunteer paramilitary squad, The Wall Street Journal reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. He told the Wall Street Journal that the Mriya squad had taken down five Iranian-made Shahed drones. "If I do not do this now," he told The Wall Street Journal, "my children and grandson will not have a peaceful future." Judge Chumak, 48, told The Wall Street Journal that when the drones get close, "they're noisy.
Persons: Yuriy Chumak, Chumak, , YASUYOSHI CHIBA, Viktor Fomon, Judge Chumak, Vladimir Putin's, Chris Panella Organizations: Street Journal, Service, Street, Associated Press, Wall Street Journal, Getty, Wall Street, Ukraine's Locations: Mriya, Wall, Silicon, Ukraine, Russia, Kyiv, Soviet, Czechoslovakian, AFP
REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMOSCOW, Sept 22 (Reuters) - Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to 55,892 roubles ($582) per metric ton on Friday, according to exchange data, following a government ban on fuel exports. Diesel prices were down 7.5% to 66,511 roubles per ton, according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Wholesale fuel prices in Russia had been steadily rising this year amid fuel shortages, reaching all-time highs. In response, Russia on Thursday temporarily banned exports of gasoline and diesel to all countries apart from four ex-Soviet states. A Kremlin spokesman told reporters that the export ban would last for as long as necessary to ensure market stability.
Persons: Maxim, Dmitry Peskov, Pavel Sorokin, J.P, Morgan, Vladimir Soldatkin, Jason Neely, Miral Organizations: REUTERS, Rights, St . Petersburg International Mercantile Exchange, TASS, Kremlin, Energy, Citi, Reuters, Thomson Locations: Moscow, Russia, St, Baltic, Primorsk, Novorossiysk
Russia imposes temporary restrictions on fuel exports
  + stars: | 2023-09-21 | by ( ) www.reuters.com   time to read: +2 min
"Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers," the government said in a statement. Government officials have said that the plans are intended to restrict fuel exports only to those who make the oil products, in order to avert a large-scale fuel crisis; a prohibitive duty on fuel exports has been considered. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation. Traders say the fuel market has been hit by factors including maintenance at oil refineries, bottlenecks on railways and the weakness of the rouble, which incentivises fuel exports. Russia exported 4.817 million tons of gasoline and almost 35 million tons of diesel last year.
Persons: Maxim, Vladimir Soldatkin, Mark Trevelyan Organizations: REUTERS, Rights, Kremlin, Traders, Thomson Locations: Moscow, Russia, breadbasket
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