In what case will Russia ban the export of petroleum products?

Russian authorities may ban the export of petroleum products if the situation on the fuel market deteriorates, said Deputy Prime Minister Alexander Novak.

At the same time, he noted that the country’s leadership hopes to stabilize the situation. Novak added that there is now a trend towards a decrease in exchange prices.

He added that oil companies have a responsibility to help normalize the market. First of all, this will be facilitated by a uniform increase in the supply of hydrocarbon mixtures on the exchange.
“We have already made a decision to raise the standards for the sale of gasoline on the stock exchange to 12 percent. In particular, an increase in supply can be provided due to the accumulated fuel reserves,” the Deputy Prime Minister added.

In addition, he considers it necessary to take measures to fine-tune the exchange trade: in particular, the right to sell gasoline may remain only with the producers, and the maximum growth during the trading session may be limited.

The day before, Novak held a meeting with representatives of oil companies, executive authorities, analysts and industry experts on the situation on the fuel market.

The media, citing sources, reported that following the meeting, they decided not to introduce urgent measures to stabilize exchange prices for gasoline. Among other things, they decided to abandon such steps due to the decline in world oil prices and the assurances of oil workers to increase the supply on the exchange.

Exchange prices for fuel in Russia have been growing since the end of last year, and since the beginning of this year they have increased by 20 percent. Retail prices are also growing, but more slowly – by about three to five percent.

In the summer, the price of a mixture of hydrocarbons on the exchange broke several historical records, and the government began to discuss a ban on exports, an increase in the rate of sales through the exchange and agreements with oil workers.

This situation in the domestic market has developed due to the increased demand for gasoline due to the growth of domestic tourism with closed borders. At the same time, several oil refineries are under repair.

Mikhail Gutseriev transferred his share in Russneft to his brother

Sait-Salam Gutseriev acquired a 37.15% stake in Russneft, and his brother Mikhail Gutseriev ceased to own this stake, the company said.

“Surname, name, patronymic … of an individual whose right to dispose of a certain number of votes has been terminated …: Mikail Safarbekovich Gutseriev. the right to dispose of a person before the onset of the appropriate grounds: 109,252,749 votes / 37.15%, “Russneft said in a statement.

According to two other reports of the company, Mikhail’s brother Sait-Salam Gutseriev acquired the right to dispose of the same share, and he controls this stake through the Cypriot Vemonar Holdings Limited. As indicated in the company’s messages, the date of the transfer of the block of shares is June 10.

On June 21, the European Union included Mikhail Gutseriev in its new sanctions list for Belarus for supporting the President of this country Alexander Lukashenko. After the introduction of sanctions, Gutseriev, who has been chairman of the board of directors of Russneft since 2015, decided to leave it. On July 14, Russneft announced, referring to an independent legal examination, that Mikhail Gutseriev is not a controlling person of the company, including that he cannot exercise dominant influence and does not own, directly or indirectly, a majority of voting shares.

Among the major shareholders of Russneft, as of the end of May, were Rambero Holding AG, Bradinar Holdings Limited and Mlada. They account for 31.28%, 16.07% and 10.27%, respectively. The company’s shares are also owned by Veridge Investments Limited, Nadezhnost and Bank Trust – 9.61%, 6.6% and 3.61%, respectively. The remaining 22.56% are held by other shareholders – there are more than 30 thousand of them.

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