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EAEU countries harmonize legislation in oil sector

EAEU countries harmonize legislation in oil sector

12/11/2020

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.​