Latest news with #SPIMEX
Russia Today
29-07-2025
- Business
- Russia Today
Russia bans all gasoline exports
Russia has imposed a full ban on gasoline exports, extending the measure to all petroleum product manufacturers, the government announced on Tuesday. The embargo takes effect on July 29 and will run until the end of August, with a possible extension into September. The move follows a partial ban introduced earlier this year that applies to non-producers such as traders, oil depots, and small refineries, while major refineries producing over 1 million tons annually were exempt. Amid rising wholesale gasoline prices, Moscow has now imposed a full embargo. RBK previously reported that the measure had been under discussion since late June, citing sources. The official notice said the ban aims 'to secure a stable situation on the domestic fuel market during the season of high demand and agricultural field work.' Under the new ban, oil companies must redirect more fuel to the domestic market, boosting stock exchange supply. Prices at the pump have risen in Russia since late June. Even as the country recorded its first deflation this year (0.05%) last week, gasoline prices rose 0.3% from July 15-21. Wholesale gasoline prices in the European part of Russia have also surged since early summer, according to the St. Petersburg Mercantile Exchange (SPIMEX). AI-92 gasoline is up 14.8%, AI-95 by 23%, with year-on-year increases of 27.2% and 40.8%, respectively. Experts cite logistical bottlenecks, seasonal refinery maintenance, and the January 1 indexation of excise duties on gasoline and diesel as key drivers for the surge. The Energy Ministry said last week that seasonal summer demand is factored into pricing policy and described the domestic fuel market as stable. Experts note that the embargo does not apply to previously agreed volumes under intergovernmental deals, including with the Eurasian Economic Union bloc of post-Soviet countries, as well as with Mongolia, Uzbekistan, Abkhazia, and South Ossetia. Analysts say the ban was expected, describing it as part of the administrative cycle of the Russian fuel market. Export restrictions are typically imposed to curb retail price spikes and lifted once prices stabilize.
Business Recorder
25-04-2025
- Business
- Business Recorder
Jam, SPIMEX's VP seek new frameworks for goods trading
ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan, held a high-level meeting with Dmitriy Chernyshev, vice president of the Saint Petersburg International Mercantile Exchange (SPIMEX) and discussed ways and means to enhance bilateral trade mechanisms through institutional exchange platforms and exploring new frameworks for goods trading between the two countries. During the meeting, Minister Khan reaffirmed Pakistan's commitment to fostering trade ties with Russia, highlighting the progress made despite global economic challenges. He noted that the bilateral trade volume reached approximately $963 million in FY 2023–24, with Pakistan's exports to Russia at $83 million and imports at $880 million, citing banking hurdles as the main impediments. Chernyshev introduced SPIMEX as Russia's leading commodity exchange, facilitating large-scale trade in refined petroleum, gas, fertilizers, and timber. He emphasised SPIMEX's mission to ensure transparent pricing and efficient commodity trade, and elaborated on its role in forming a club of international commodity exchanges—a cooperative initiative. The two sides discussed activating the MoU signed between SPIMEX and Pakistan Mercantile Exchange (PMEX) to facilitate technical cooperation, information exchange, and digital integration of trading platforms. Minister Khan expressed strong support for continuing knowledge sharing between the two exchanges and encouraged practical steps to operationalise commodity trade using standardised, interchangeable goods such as oil, wheat, fertilisers from Russia, and rice, cotton, fruits, and vegetables from Pakistan. The SPIMEX delegation's visit, spanning April 21–25, also includes engagements with key Pakistani stakeholders in trade, banking, and logistics sectors, aiming to build sustainable, long-term economic cooperation amid shifting global trade dynamics. Copyright Business Recorder, 2025
