Regulatory actions shake Russia’s fuel trading as bots come under scrutiny
Three trading firms in St. Petersburg faced suspension from the city’s fuel trading platform after authorities found unfair business practices. Access to trading on the St. Petersburg International Commodity and Raw Materials Exchange, known as SPIMEX, was halted for these companies. The information was reported by TASS, citing the Russian Federal Antimonopoly Service, or FAS, as the source of the decision.
The ministry later announced new rules aimed at better detecting violations, including those connected to automated trading through bots, and these rules took effect on February 1 at the St. Petersburg Commodity Exchange. In response to non-compliance with the new requirements, the companies Mosregiongaz, Solid Commodity Markets, and Promsnab were suspended from trading on the exchange.
By the end of January, private gas stations had alerted the Ministry of Energy and the FAS about automated gasoline purchases through exchange-trading bots. Evgeny Arkusha, head of the Russian Fuel Association, noted that independent market participants can no longer buy fuel on the exchange under the new regime and are compelled to purchase from dealers at higher prices. This shift has raised concerns about market accessibility and price dynamics for smaller players.
In response to these developments, Deputy Prime Minister Alexander Novak directed the FAS and SPbMTSB to increase oversight of operators using trading bots to prevent unscrupulous activity and to ensure fair access to fuel supplies across trading venues.
Meanwhile, the broader market is watching closely as the government weighs the balance between stricter monitoring and the need for stable, affordable fuel for consumers and businesses in Russia. The ongoing regulatory shifts highlight how technology-enabled trading can influence commodity markets and raise questions about transparency and competition.