The Russian government officially extended its temporary ban on diesel exports for producers until January 31, 2027, as the European Union announced plans to reduce Russian gas imports to zero by 2027. Concurrently, Russian officials prepared alternative energy export routes to Thailand, including potential gas shipments via the Northern Sea Route.
Global market
The European Union plans to cut natural gas imports from Russia to zero by the end of 2027, according to the European Commissioner for Energy, with Norway and the United States now serving as the bloc’s primary energy suppliers. The shift comes as EU natural gas prices surged 269.11% year-to-date, making gas the world’s fastest-gaining commodity of 2026. Meanwhile, high ocean freight rates closed the arbitrage window for European low-sulfur fuel oil and naphtha shipments to Singapore for November. In North America, the ports of Long Beach and Los Angeles projected clean methanol bunker fuel demand to reach 250,000 tons by 2030.
Russia & CIS
The Russian government extended its temporary export ban on diesel, marine fuel, and gasoils for producers through January 31, 2027, aiming to maintain domestic fuel market stability. Seeking new export outlets, Russian Economic Development Minister Maxim Reshetnikov reported a 76% surge in Russian exports to Thailand over eight months and expressed readiness to supply natural gas via the Northern Sea Route. Additionally, the US Treasury Department’s Office of Foreign Assets Control extended Serbian oil firm NIS’s operating license until December 11, while Thailand expressed gratitude for Russian support regarding a free trade agreement with the EAEU.
Armenia
Russia’s decision to extend its diesel export ban through January 2027 shapes regional energy supply conditions, though terms for EAEU member states remain preserved under special agreements. Despite Brussels declaring a full transition away from Russian fuel and EU natural gas prices climbing 269.11% since the start of the year, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU contracts, shielding the domestic fuel market from global price shocks recorded in international market price assessments.