🇰🇿🇷🇺 Ratification of the protocol on the renewal of the Russian-Kazakh intergovernmental agreement on trade and economic cooperation in the supply of oil and petroleum products to Kazakhstan, signed on November 27, 2024 in Astana.
The agreement involves the restoration and renewal of the bilateral agreement originally concluded on December 9, 2010. What it means.
The original agreement, which facilitates duty-free supplies of Russian oil and oil products to Kazakhstan, expired on January 1, 2024. The Protocol renews this agreement retroactively from January 1, 2024, ensuring continuity of trade arrangements.
The protocol extends the agreement until January 1, 2028, with the possibility of automatic renewal for subsequent five-year periods. It also makes amendments to update the terms and conditions, which are likely to reflect current economic, logistical or geopolitical realities, although specific changes to the content of the agreement are not detailed in the information provided.
The agreement allows Kazakhstan to import certain volumes of Russian petroleum products such as motor gasoline (285,000 tons), jet fuel (300,000 tons), diesel fuel (450,000 tons) and bitumen (500,000 tons) in 2024 without customs duties during peak consumption periods. This helps Kazakhstan meet its domestic fuel needs, especially after the modernization of its refineries, which has reduced the amount of fuel needed to meet domestic demand.
Ratification strengthens trade and economic ties between Russia and Kazakhstan, two key members of the Eurasian Economic Union. It ensures Kazakhstan's access to Russian oil products on favorable terms, maintaining the stability of the domestic market.
The ratification revives and expands the framework for duty-free supplies of oil and oil products from Russia to Kazakhstan with updated conditions to ensure mutual economic benefit and market stability until at least 2028.
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