Putin forced into desperate move as petrol prices skyrocket | World | News
Russia is preparing to temporarily suspend all gasoline exports starting April 1, in response to increases in domestic gasoline prices resulting in part from Ukraine’s long-term attack campaigns against Russian oil infrastructure, experts said. Russian Deputy Prime Minister Alexander Novak instructed the Ministry of Energy to prepare a draft decision banning all gasoline exports from April 1 to July 31, 2026 in order to stabilize domestic prices and ensure sufficient supply for the local market. He also reportedly asked the senior businessman to start funding the government, which was “desperate for economic relief,” according to the Institute for the Study of War reports.
This occurred in the midst of an intense bombing campaign against Russia’s oil facilities. On Saturday, the Ukrainian General Staff reported that Ukrainian forces attacked the Yaroslavl Oil Refinery in Yaroslavl City, Yaroslavl Oblast, overnight on March 27-28, setting a fire. The refinery reportedly has the capacity to process approximately 15 million tonnes of petroleum products annually and refines gasoline, diesel fuel and jet fuel, which are critical for Russian military logistics.
Gasoline prices in Russia have risen sharply since autumn 2025 as Ukraine’s strikes escalate; This compounded the severe effects of the war, as inflation continued to rise, real income continued to fall, and prices of household goods remained high.
Russia suspended gasoline exports in September 2025 but lifted the ban on major exporters at the end of January 2026.
According to the Institute for the Study of War, Putin’s request for financial aid from top businessmen to continue his war against Ukraine further increases Putin’s desperation.
Experts noted: “Russian President Vladimir Putin has reportedly asked Russia’s leading businessmen to provide funds to the Russian government, indicating that the Kremlin may be desperate for economic aid and may be preparing conditions to nationalize its assets to support the war effort.”
According to the Russian independent publication The Bell, Putin held a closed meeting with senior figures from the business world on March 26 and asked for continued support for Russia’s war in Ukraine.
Sources said the idea came from Igor Sechin, head of Russia’s state-controlled energy company Rosneft, who also suggested issuing military bonds.
Billionaire Suleiman Kerimov reportedly pledged 100 billion rubles, while other businessmen offered unspecified contributions.
Kremlin spokesman Dmitry Peskov confirmed the meeting but denied Putin had asked for money, saying the donations were voluntary and not specifically geared towards war.
