The Eurasian Economic Union has extended critical tariff waivers on petroleum imports to stabilize regional markets. Concurrently, major Asian economies are actively diversifying their energy portfolios in response to sustained geopolitical instability in the Middle East.
Global market
State-owned refiners in India are planning to meaningfully reduce their dependence on Middle Eastern crude oil following persistent supply shocks and maritime disruptions . Contextualizing this regional shift, **Reuters columnist Clyde Russell** noted that Asia’s overall crude imports remain heavily constrained, projected at just **20.71 million barrels per day** in June compared to pre-war averages of **26.79 million barrels per day** . In the liquefied natural gas sector, NextDecade announced a $3.5 billion debt offering to finance the under-construction Rio Grande LNG facility in Texas “.
Adding to the American export momentum, the QatarEnergy-chartered vessel exported the third commissioning cargo from the Golden Pass LNG terminal in the US Gulf, signaling steady progress toward full commercial operations . Meanwhile, European downstream markets showed signs of building reserves, with independent fuel oil inventories in the **Amsterdam-Rotterdam-Antwerp (ARA)** hub averaging **8% higher** in June compared to the previous month, reaching **3.91 million barrels** .
Russia & CIS
As domestic fuel deficits persist across the country, the Russian Ministry of Industry and Trade issued a statement confirming that the government is closely monitoring regional fuel availability and remains prepared to implement further emergency market interventions if necessary . Concurrently, the **Russian Ministry of Energy** deployed emergency repair teams to restore widespread electricity outages across **Crimea** by the end of the day following acute infrastructure disruptions .
Neighboring grids are also facing severe stress due to an abnormal heatwave and structural generation deficits. The national power company Ukrenergo announced that both emergency blackouts in Kyiv and scheduled hourly power outages across all of Ukraine will take effect on July 1, impacting industrial and residential consumers alike “.
Armenia
To mitigate the escalating fuel crisis within the macro-region, the EAEU Council officially extended the zero import customs duties on gasoline, diesel, jet fuel, and marine fuel for another year, keeping the exemptions in place until June 30, 2027 . This Russian-initiated policy extension provides a crucial financial buffer for Armenian importers, allowing them to avoid additional tariff burdens while navigating highly volatile wholesale costs and supply bottlenecks .
Despite this temporary tariff relief, Armenia’s long-term energy security remains under pressure. A new analytical report by the domestic Luys Foundation highlighted a notable decline in Armenia’s energy system development rankings within the World Economic Forum index . The fund explicitly warned that the ongoing deterioration of economic and political relations with the **Russian Federation** is triggering a severe reversal in the republic's energy transition, underscoring the urgent need for structural grid investments and supply diversification .