Russia paid 210.6 billion rubles ($2.72bn) in June subsidies to refineries supplying the domestic market — more than sixfold YoY — to partly offset the gap between domestic and export fuel prices, the finance ministry said Friday. It was the largest single-month subsidy since Dec 2023, mainly driven by elevated international fuel prices after disruptions in the Strait of Hormuz and by Ukrainian attacks on refineries that worsened nationwide shortages. The measures aim to boost domestic fuel inve

Russia paid 210.6 billion rubles ($2.72bn) in June subsidies to refineries supplying the domestic market — more than sixfold YoY — to partly offset the gap between domestic and export fuel prices, the finance ministry said Friday. It was the largest single-month subsidy since Dec 2023, mainly driven by elevated international fuel prices after disruptions in the Strait of Hormuz and by Ukrainian attacks on refineries that worsened nationwide shortages. The measures aim to boost domestic fuel inventories by incentivizing firms to store more oil products domestically and sell to consumers at lower prices.