Putin forced into desperate move as petrol prices skyrocket

Russia is preparing to temporarily suspend all gasoline exports as of April 1, likely in response to domestic gasoline price increases partly caused by Ukraine’s long-range strike campaigns against Russian oil infrastructure, experts have said. Russian Deputy Prime Minister Alexander Novak has directed the Ministry of Energy to draft a resolution banning all gasoline exports from April 1 to July 31 2026 to stabilise domestic prices and ensure sufficient supply for the local market. He’s also reportedly asked the top businessman to start funding the Government, “desperate for economic relief”, Institute for the Study of War reports.

This comes amid an intense bombing campaign of Russia’s oil facilities. On Saturday, the Ukrainian General Staff reported that Ukrainian forces struck the Yaroslavl Oil Refinery in Yaroslavl City, Yaroslavl Oblast, overnight on March 27 to 28, starting a fire. The refinery reportedly has an annual refining capacity of about 15million tons of petroleum products and refines gasoline, diesel fuel, and jet fuel critical to Russian military logistics.

With the escalation of Ukraine’s strikes, gasoline prices in Russia have risen sharply since autumn 2025, adding to the war’s burdening effects as inflation continues to rise, real income continues to fall, and the price of household goods remains high.

In September 2025, Russia suspended gasoline exports but lifted the ban for major exporters at the end of January 2026.

Putin’s desperation goes even further as he asks top businessmen for financial help to sustain his war against Ukraine, according to the Institute for the Study of War.

Experts stated: “Russian President Vladimir Putin reportedly requested that Russia’s top businessmen provide funding for the Russian government, indicating that the Kremlin may be growing desperate for economic relief and may be setting conditions to nationalise their assets to support the war effort.”

According to the Russian independent outlet The Bell, Putin held a closed meeting with senior business figures on March 26, reportedly asking for continued support of Russia’s war in Ukraine.

Sources told the outlet that the idea came from Igor Sechin, the chief of Rosneft, Russia’s state-controlled energy company, who also proposed issuing military bonds.

Billionaire Suleiman Kerimov reportedly pledged 100billion rubles, while other businessmen offered unspecified contributions.

Kremlin spokesperson Dmitry Peskov confirmed the meeting but denied Putin requested money, saying any donations are voluntary and not specifically for the war.