The EAEU common energy markets have great potential to successfully confront main energy challenges in the Eurasian space

This was stated by Vadim Zakrevsky, Director of the Energy Department of the Eurasian Economic Commission, at the round table Economic and Legal Regulation in the Energy Sector, held in Kazan as part of the Tatarstan International Forum on Energy and Energy Efficiency.

Director of the EEC Energy Department told about the energy potential of the Eurasian Economic Union Member States, global challenges in the energy sector, as well as the principles of cooperation between the Five countries in the energy sector and the goals that the countries set for themselves in establishing common energy resource markets.

"The basic priorities underlying the establishment of the Union common markets for energy resources are stable supplies and availability of energy resources, as well as the ability to meet domestic needs in them at acceptable prices," said Vadim Zakrevsky.
The panelists reviewed the main indicators of functioning of the electric power and oil and gas industries of the EAEU countries in 2023, as well as the progress in establishing the EAEU common electric power market.

Vadim Zakrevsky noted that today the common electric power market of the Union was complete to a great extent.

He also emphasized the crucial importance of the cost of energy resources, which should be determined on transparent and non-discriminatory terms and ensure competitive (equal) conditions for economic entities of the Member States — this is the main expectation from the launch of the Union's common gas market.

The launch of common markets will make it possible to make a significant step forward, to pursue a more flexible economic policy both bilaterally and multilaterally, to enable economic entities to work independently, concluding both free (direct) contracts and exchange transactions on non-discriminatory terms. The common market for energy resources will contribute to the effective use of the potential of fuel and energy complexes and increase energy security of the EAEU Member States, believes Vadim Zakrevsky.