Updated at 11:30,08-12-2016

Russia Seeks to Ban Exports of Petrochemical Products from Customs Union

The commission of the Customs Union of Russia, Belarus and Kazakhstan has named gas, diesel and fuel oil as the goods that are vital for the domestic market.

According to the January 27, 2010 resolution No 168, temporary restrictions or even a ban can be imposed on those products.

In the view of economist Leanid Zaika, all these changes are benefitial for Russia. Since Russia dominates the oil market of the Customs Union, it is lobbying its interests. Actually, Russia has simply restored justice, according to Zaika:

"These are the consequences of Russia's more rational policy. We used to make $3-4 billion annually on the Russian oil and we kept quiet about it. They were not really interested, as they divided a bigger money. Now they have simply restored justice".