The Council of the Eurasian Economic Commission (EEC) has decided to extend zero import customs duties for one year on certain types of fuel. The EEC announced.
This decision also establishes zero duties on motor gasoline additives.
EEC Minister in Charge of Trade Andrei Slepnev recalled that the previously established zero rates expired on June 30. According to him, initiatives received from several countries to extend them were promptly processed and harmonized.
«The zero rates have been extended for another year,» he clarified.
Several Russian media outlets report a fuel shortage in the country. The Russian President acknowledged the fuel shortage but called it non-critical. According to Vladimir Putin, strikes by the Ukrainian Armed Forces on Russian energy infrastructure are creating problems, but damaged facilities are being promptly repaired.
Russia previously allowed fuel imports to stabilize the market.
Gasoline reserves in the country are approximately 1.7 million tons, which is almost the same as in the same period last year, Putin stated. He also emphasized that these reserves must be used reasonably and smartly.
The zero duty rate means no additional customs burden on fuel imports, facilitating the entry of supplies into the domestic markets of EAEU countries.
The extension of zero duties is due to the need to maintain stability in the fuel market and reduce the risk of rising production costs. The Eurasian Economic Commission (EEC) took into account the situation with petroleum product prices and demand from transport and industry. Fuel imports remain a significant factor in covering seasonal fluctuations in consumption, so reducing import barriers makes the market more flexible. For EAEU countries, such measures help smooth the impact of global price fluctuations on domestic fuel networks.
