Latest news with #EurasianEconomicUnion
Reuters
5 days ago
- Business
- Reuters
Russia set to impose harsher gasoline export restrictions soon, sources say
MOSCOW, July 24 (Reuters) - Russia is poised to introduce a tighter gasoline export ban, including for fuel producers, in the coming days to tackle rising prices, three industry sources familiar with the plans told Reuters on Thursday. Currently, restrictions only exist for a small portion of gasoline exports by resellers, while oil companies are still allowed to sell the fuel abroad. "It's all been decided (with the ban). For now, it's for August and September," one of the sources said. Another source said the ban could be announced on Monday. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said. The Russian government has applied temporary gasoline export bans several times over the past two years to fend off fuel shortages and combat high prices. Deputy Prime Minister Alexander Novak said earlier this month that the government would study the fuel market to understand if further restrictions were warranted. His office declined a Reuters request for comment on Thursday. Wholesale gasoline prices on the St Petersburg commodities exchange have been on the rise since the start of last week, with the price of the popular Ai-95 grade reaching an all-time high of 76,293 roubles ($962.69) per metric ton. Russia produces more than 40 million metric tons of gasoline per year. Egypt and Turkey are the main importers of the Russian fuel. According to the sources, Russia increased gasoline exports in the first five months of 2025 by around 25% year on year to some 2.51 million tons. ($1 = 79.2500 roubles)
The Hill
09-07-2025
- Politics
- The Hill
After US strikes, Iran is seeking closer ties to Europe's pariah states
In the wake of U.S. strikes on its nuclear sites, Iran has used the uneasy ceasefire with Israel as a strategic pause, as the regime seeks to re-arm, re-organize and crack down on dissent. As has been noted, Tehran is also working to enhance its diplomatic position, by attempting to exploit disunity among Western policymakers, court Chinese support and undermine the International Atomic Energy Agency. One element of this post-war strategy that has received less attention is Iran's push to strengthen ties and seek stronger commitments from Belarus and Serbia, its key European allies. Since the full scale invasion of Ukraine began in 2022, Iran has increasingly sought to integrate into the Russia-led multi-pariah order, viewing relationships with similarly isolated regimes as a means of relieving diplomatic and economic pressures. However, Russia's lack of overt support for Iran in its conflict with Israel has led some to speculate that the two regimes may be having a falling-out. This apparent rift offers the likely motivation behind Iran's recent effort to shore up relations with other pariah regimes, both to ensure that this pattern does not repeat and to compensate for shortcomings in its partnership with Russia. Such actions are necessary for the Islamic Republic, should the regime seek to resume direct hostilities with the U.S. and Israel as part of a more protracted war. Belarus has long sought closer ties with Iran, but these efforts largely stalled until shared support for Russia's war in Ukraine provided a vehicle for strategic alignment. When Israel and Iran began exchanging strikes, Belarusian President Alexander Lukashenko's regime largely parroted Moscow's ambiguous response. However, in the wake of the ceasefire, Tehran leaned on Minsk to take a stronger stance. That same week, the regimes' defense ministries held high-level talks in China on the sidelines of a Shanghai Cooperation Organization summit, which led Belarus to confirm its desire for enhanced diplomatic and military cooperation. To facilitate this process, Iran opened a permanent military attaché office within its Minsk embassy complex. Having previously offered arms and nuclear expertise to Iran, Belarus could be in a position to help the Islamic Republic regain its footing ahead of resumed conflict. Lukashenko has also since moved to clarify his regime's position, by decrying Israeli and U.S. actions and lauding 'Iranian resistance.' This offers much-needed explicit European support for the Islamic Republic, which has seen its network of regional proxies and allies crumble in recent months. Moreover, Belarus has begun lobbying for closer integration between Iran and the Eurasian Economic Union, which could offer a critical lifeline for the regime's flagging economy. Meanwhile, Iran has turned to Serbia as another economic gateway, exploiting the Balkan state's strained ties with the European Union and its perceived drift into Russia's orbit. In the last several months, Tehran has secured a set of bilateral commercial agreements with Belgrade. As Serbia resists aligning with EU sanctions policies, Tehran may also use these agreements as a circumvention tool, funneling sanctioned goods and funds through Balkan networks. Nevertheless, Aleksandar Vucic's government historically resisted Tehran's requests for closer security ties, based largely on Serbia's role as a major arms supplier to Israel. This dynamic has started to shift following U.S. strikes, however. Islamic Republic-aligned media amplified supposed solidarity among Serbian activists and nationalist politicians for Iran, and published warnings from the regime that Israel's suppliers would be treated as adversaries. Vucic has responded to Iranian pressure by condemning U.S. strikes and suspending arms sales to Israel. This potential pivot could open the door to closer diplomatic, commercial and military relations with Iran. Given Serbia's continued aim to expand its arms exports, the Islamic Republic could eventually offer an appealing market, especially if Vucic drifts further from the European Union. Serbian arms dealers could use black market transactions to facilitate this process, as has occurred historically. It remains to be seen whether the Islamic Republic will secure further tangible concessions from Serbia and Belarus. These partnerships have clear logistical and strategic limitations, much like Tehran's relationship with Moscow. Nevertheless, Iran's growing ties with Europe's pariah states pose a challenge to U.S. and European interests. For Washington, these overtures threaten to erode the efficacy of sanctions enforcement, particularly if Iran succeeds in establishing new financial pathways through Serbia or deepens integration with the Eurasian Economic Union with support from Belarus. As the Trump administration resumes talks with Iran, such moves could reduce the economic pressure underpinning efforts to constrain the regime's nuclear ambitions. Ultimately, this may prompt Washington to seek additional leverage — namely by urging Brussels to adopt a tougher line on Serbia and Belarus, or threatening to scrap the Serbian government's sanctions waivers. For Europe, the challenge is no less acute. Serbia's relationship remains frustrated with Brussels, a closer relationship with Tehran could heighten security risks in the Balkans, where unresolved political tensions, Russian influence and porous borders already pose issues for the European Union. Iran's presence in this environment could offer illicit access to European markets, technologies and financial systems, while potentially facilitating terror-crime links. The Islamic Republic and its proxies have already exploited such factors to commit acts of terror in Southeastern Europe, including a deadly 2012 bombing in Bulgaria. Furthermore, deepening military ties between Belarus and Iran would intensify existing concerns for European security, particularly regarding the war in Ukraine. Taken together, Iran's coordinated outreach to these regimes reflects a deliberate effort in the post-war environment to secure commitments from its partners for diplomatic, economic and security assistance, without relying upon Russia as a mediator. As Iran adapts to a new phase of confrontation with the West, its relationship with Europe's pariahs could become a more durable feature of the regime's strategic posture. This could complicate efforts to establish deterrence, pose a security threat and bolster the Islamic Republic's resilience amid sustained isolation. Jack Roush is a Ph.D. candidate affiliated with the London School of Economics Iranian History Initiative.
Arabian Business
08-07-2025
- Business
- Arabian Business
UAE deal with Eurasian Economic Union will slash tariffs as bilateral trade soars over 50%
The UAE and Eurasian Economic Union are looking to develop closer economic ties with a trade partnership and rising exports. Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, said the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides. He noted that the agreement will support trade diversification efforts and enhance mutual investment flows. UAE and Eurasian Economic Union Slepnev said: 'The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union's total foreign trade rising to two per cent, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 per cent. He underlined that this rapid growth reflects the strength of economic ties between the two sides. Slepnev stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam. He added: 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. 'It was agreed to reduce customs duties on more than 85 per cent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 per cent to 0.6 per cent, and on Emirati products in Union markets from 5.9 per cent to 1.5 per cent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side: Steel and aluminium Petrochemicals Consumer goods Means of transport Wooden products Dairy products Confectionery Canned foods The UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances. Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics. EAEU member states, include: Russia Kazakhstan Belarus Armenia Kyrgyzstan He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies. Slepnev said: 'The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries.' The UAE's participation in the North-South International Transport Corridor further strengthens its regional transit role, connecting Gulf markets with India and beyond.
Gulf Today
08-07-2025
- Business
- Gulf Today
UAE among top ten global trading partners for Eurasian Economic Union
Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Eurasian Economic Union (EAEU) represents a strategic milestone in deepening economic cooperation between the two sides. He noted that the agreement will support trade diversification efforts and enhance mutual investment flows. In statements to the Emirates News Agency (WAM), Slepnev said, 'The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union's total foreign trade rising to two per cent, placing it among the top ten global trading partners for the Eurasian Union.' He pointed out that the Union's exports to the UAE have quadrupled over the past two years, while Emirati exports to Union markets have increased by more than 50 per cent. He underlined that this rapid growth reflects the strength of economic ties between the two sides. He stated that the UAE, supported by this momentum, has become a key trade hub for all EAEU countries, surpassing major international partners such as Japan, Brazil, Egypt and Vietnam. He added, 'The CEPA aims to reinforce this growth by removing customs restrictions and expanding the scope of exchanged goods. It was agreed to reduce customs duties on more than 85 per cent of goods, which will lower customs protection rates on Union products in the Emirati market from 5 per cent to 0.6 per cent, and on Emirati products in Union markets from 5.9 per cent to 1.5 per cent.' Slepnev clarified that the list of goods benefiting from the agreement includes, on the Union's side, metal products such as steel and aluminium, petrochemicals, consumer goods, means of transport and wooden products, in addition to processed agricultural goods including dairy products, confectionery and canned foods. He continued, 'In contrast, the UAE will benefit from wider access to the Union market in strategic categories, most notably polymers, especially polyethylene and polypropylene, alongside other consumer products such as cosmetics and home appliances.' Slepnev noted that the agreement offers tangible opportunities for Emirati companies to expand their presence in Union markets, which comprise more than 180 million people, particularly in view of the ongoing transformations in global trade dynamics. He emphasised that the UAE is a key strategic partner for the Eurasian Economic Union thanks to its distinguished geographical location, advanced infrastructure and attractive economic and investment policies. Slepnev stated, 'The UAE serves as an important trade gateway for Union countries to access Middle East and North African markets, especially given its active expansion in forging trade partnerships with many countries.' He affirmed that the UAE's logistical positioning within the North-South international transport corridor reinforces its role as a regional hub for transit trade towards the Gulf countries, India, and South Asia. Slepnev explained that the Comprehensive Economic Partnership Agreement focuses on high-priority sectors, most notably agriculture and industry, given the strategic importance of these two sectors to both sides. Earlier in May Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the UAE for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. The EU is already one of the UAE's key trading partners, accounting for 8.3% of non-oil trade. In 2024, non-oil trade between the two reached US$67.6 billion, representing a growth of 3.6% over 2023. Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. WAM
Hi Dubai
08-07-2025
- Business
- Hi Dubai
UAE Signs CEPA with Eurasian Economic Union to Strengthen Trade and Investment Ties
The UAE and the Eurasian Economic Union (EAEU) have signed a Comprehensive Economic Partnership Agreement (CEPA), marking a major step in deepening trade and investment ties between the two blocs. Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, described the deal as a strategic milestone that will enhance trade diversification and expand mutual investment flows. The agreement significantly reduces customs duties on over 85% of goods exchanged, aiming to boost economic cooperation across key sectors. Trade between the UAE and EAEU countries has grown rapidly in recent years. The Union's exports to the UAE have quadrupled in two years, while Emirati exports to EAEU markets have risen by over 50%. The UAE now ranks among the Union's top ten global trading partners, accounting for two percent of its total foreign trade. Under the agreement, customs duties on EAEU products in the UAE will drop from 5% to 0.6%, while duties on UAE exports to the Union will fall from 5.9% to 1.5%. Key goods covered include metals, petrochemicals, transport equipment, and agricultural products from the EAEU, and polymers, cosmetics, and appliances from the UAE. Slepnev highlighted the UAE's growing role as a trade hub for EAEU countries, surpassing traditional partners such as Japan and Brazil. With access to a market of over 180 million people, Emirati businesses stand to gain from broader market access and shifting global trade dynamics. He added that the UAE's position along the North-South transport corridor strengthens its role as a regional transit hub, linking the EAEU to the Gulf, India, and South Asia. News Source: Emirates News Agency
