At the meeting of the Supreme Eurasian Economic
Council held on December 11, the Heads of State approved the "road
map" for harmonizing legislation of the Eurasian Economic Union countries
in the oil sector.
The "road map" defines the main directions
of harmonization as well as includes activities related to:
- annual analysis of information on regulatory legal
acts,
- information sharing on the ongoing work on
harmonization,
- analysis of amendments made to the Member States’
national acts in the oil sector for their compliance with the principles of
establishing the Union's common markets of oil and petroleum products.
Legal harmonization is aimed at ensuring market
mechanisms for trade in oil and petroleum products between participants in the
Union's common markets of oil and petroleum products, creating favorable
conditions for attracting investment in the production, transportation, supply,
processing and marketing of oil and petroleum products of the Member States.
This disposition
shall come into effect from the date of its publication. According to the
Treaty on the EAEU, the common oil market should be established no later than
2025.