Russia and Kazakhstan extend the agreement on oil supplies until 2025.

Anatoly Yanovskiy, the Deputy Energy Minister, told the reporters that Russia and Kazakhstan have extended the intergovernmental agreement on trade and economic cooperation in the field of oil and oil products from October 9th, 2010 until 2025, RIA Novosti reported.

"The agreement was prolonged until 2025. It is synchronized with the existing contracts until 2019, plus a five-year periods for which the contract is automatically extended unless one of the parties notifies the other of its intention to withdraw from the agreement within six months", - Yanovskiy stated.

The document was signed in Astana on May 29th. The signing ceremony was held in the presence of the presidents of the two countries. On Thursday, Russia, Belarus and Kazakhstan signed an agreement on the Eurasian Economic Union (EAEU), but the oil market and the oil are taken out of its perimeter on a bilateral basis until 2025, which is planned to gradually eliminate all the exemptions from the free trade inside the union.