World Bulletin / News Desk

Russia has ratified an agreement on the tax-free sale of natural gas, oil and diamond products to Armenia.

According to the deal originally signed in December 2013, Armenia will not pay duty on natural gas, oil and diamond products imported from Russia until Armenia becomes a member of Russia-led Eurasian Economic Union.

The agreement, which was ratified by President Vladimir Putin on Monday, also prohibits Armenia from re-exporting the imported duty-free products to third countries.

The volume of the goods imported by Armenia will be decided by relevant authorities from the two governments.

In June 2013, Russia, Belarus and Kazakhstan signed a deal which anticipated the formation of a new trading block named the Eurasian Economic Union.