Russia extends diesel export ban for producers to 31 January; diamond miner ALROSA swings to a loss

The Russian government has extended the ban on exports of diesel, marine fuel and gasoils by direct producers until 31 January 2027, citing the stability of the domestic fuel market, Interfax reported on 31 October.

Exports by exception

Deputy Prime Minister Alexander Novak said exceptions for supplies to world markets will continue. He put planned November exports at about 2.15 million tonnes, compared with 510,000 tonnes in October. Foreign buyers therefore depend on case-by-case exemptions rather than a general reopening of the market. The Moscow Times had reported, citing sources, that Moscow planned to extend the ban and use quotas to meet commitments under a deal with the United States.

Mixed corporate results

Nine-month figures under Russian accounting standards (parent-company level, not group IFRS), reported by Interfax:

• ALROSA: net loss of 23.6 billion rubles (about $290 million) versus a 42.3 billion profit a year earlier; revenue down 25% to 118.3 billion rubles.
• Transneft: net profit down 16% to 88.2 billion rubles despite revenue up 3%.
• Lukoil: net profit up 30% to 457.5 billion rubles; Nornickel profit rose 3.6-fold to 80 billion rubles, mainly on metal prices.

Mortgage lending rose 35% in January–September to 3.58 trillion rubles, but about 70% of September loans were state-subsidised; the average market rate stayed at 18%.

Context

The Moscow Times has reported that Russian businesses are increasingly delaying payments to suppliers amid weak growth, higher taxes, falling profits and expensive credit, with corporate profits down 13.3% in the first half of the year.