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Temporary import of marine vessels for geological exploration without customs duties allowed in EAEU

Temporary import of marine vessels for geological exploration without customs duties allowed in EAEU

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2/1/2021

The Eurasian Economic Commission’s Council has allowed the temporary import of certain types of marine vessels used for geological exploration without paying customs duties and taxes. This initiative was put forward by the Russian Federation.

The relevant amendments to Decision No. 109 of the Commission Council dated September 20, 2019 are aimed at expanding the market of short-term chartering of foreign vessels for exploration in latitudes with a short drilling season and stimulating exploration in new regions.

The preferential import of vessels for geological exploration will be possible for a period of up to one year, provided that such vessels are owned by foreigners and chartered by persons from the Eurasian Economic Union States under a time charter party or bareboat charter. The exemption from paying duties and taxes may be granted in respect of vessels imported during the period from July 1, 2020 to December 31, 2024 inclusive.

For reference

The List of categories of goods the temporary presence and use of which in the Eurasian Economic Union’s customs territory in accordance with the customs procedure of temporary import (admission) is allowed without paying import customs duties and taxes was approved by Decision No. 109 of the Eurasian Economic Commission’s Council dated September 20, 2019.​