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Putin Ratifies Armenian Duty-Free Oil, Gas Deal

by Tatiana Smolenska, Tax- News.com, Moscow

04 July 2014


President Vladimir Putin has signed into law a cooperation agreement with Armenia that allows petroleum products, natural gas and uncut diamonds to be exported from Russia duty-free.

To prevent abuse, however, the deal stipulates that the goods cannot be re-exported from Armenia to third counties.

The agreement was made at a meeting in Yerevan in December, and has been implemented ahead of the creation of the Eurasian Economic Union from the start of 2015. A common oil market is scheduled to be introduced in 2025.

As part of Russia's efforts to boost its ties with ex-soviet states, last month, Russia modified its duty-free oil arrangement with Belarus. Previously, export duty raised by Belarus from the re-export of Russian oil products had to be transferred to the Russian budget, but Russia has now agreed that Belarus can keep a proportion of the revenue from next year.

TAGS: Russia | tax | export duty | Armenia | oil and gas | agreements | tax breaks

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