Rosatom has signed a milestone 16.4 billion dollar agreement to build Kazakhstan’s first nuclear power plant, signaling deeper regional energy integration. This massive nuclear deal comes as US diesel exports reach historical highs to offset Russian supply bans, while Moscow warns Yerevan of the severe economic consequences of exiting the Eurasian Economic Union.
Global market
US diesel exports hit a record 54.2 million barrels in August, representing a 16.3% monthly surge as European buyers scramble for fuel following Russian supply restrictions. On the US Gulf Coast, ultra-low sulfur diesel (ULSD) pipeline prices soared to a historic peak of $4.7 per gallon, the highest level since record-keeping began in May 2006. In South America, Chevron signed oil agreements with Venezuela, committing to invest over $7 billion through 2031 to double joint venture production to 600,000 barrels per day at production costs below $20 per barrel. Meanwhile, Ryanair trimmed its annual passenger target from 216 million to 214 million due to rising fuel costs, while Eurozone inflation accelerated to 3.3% in August, driven by a 14.3% surge in energy prices.
Russia & CIS
Rosatom signed a contract to construct Kazakhstan’s first nuclear power plant for $16.4 billion, with construction licensing set for 2027 and a ten-year completion target. This comes as Russian Deputy Minister of Natural Resources Dmitry Tetenkin announced at the Eastern Economic Forum that 162 new mineral deposits were registered in 2026, including the major Grigoryev gas condensate field. Gazprom CEO Alexey Miller confirmed that the Far East gas pipeline route to China is progressing on schedule. However, domestic refiners face severe constraints, as Russia’s diesel export ban threatens to overload refinery storage capacities, which could soon force operational shut-ins across the country as local markets fail to absorb rising outputs.
Armenia
Russian Vice-Prime Minister Alexey Overchuk warned that Moscow will revoke economic preferences that Armenia currently enjoys if Yerevan decides to exit the EAEU. The warning highlights Armenia’s deep reliance on EAEU treaties, which secure duty-free Russian natural gas imports at long-term fixed rates, insulating local consumer tariffs from volatile international market price assessments. Meanwhile, as the two neighbors initiate direct trade, Armenian economist Suren Parsyan projected that local firms could export bentonite clay—a specialized material heavily used in oil and gas drilling that Yerevan exported to Baku during the Soviet era—back to Azerbaijan under the newly launched trade channels.