China and Russia have introduced export restrictions on petrol as local prices surge and consumers protest, a sign that emerging countries are spreading the use of beggar-thy-neighbour policies from food commodities to energy.
The measures, announced over the past few days, come as inflation becomes a problem in emerging countries, forcing central banks to tighten monetary policy to cool their economies.
The move comes as oil prices on Tuesday recovered from a sell-off last week. ICE June Brent rose $1.25 to $117.15 a barrel.
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