Ukraine Agrees to Protect Kazakhstan Oil Export Infrastructure

The Cabinet of Ministers of Ukraine agreed to stop targeting non-Russian oil tankers and Black Sea infrastructure critical for exporting Kazakhstan's crude oil. The agreement, secured through meetings between senior U.S. government leaders and Ukrainian leadership, specifically protects the Caspian Pipeline Consortium terminal in Novorossiysk, Russia.

Under the terms, Ukraine will refrain from attacking vessels that are not owned by Russian entities, are not carrying Russian cargo, and are not subject to Ukrainian sanctions. To facilitate safe passage, Kyiv has established dedicated points of contact for commercial shippers.

The decision follows a series of drone attacks near the terminal in July that disrupted loadings. These strikes caused exports of CPC Blend to fall by an estimated third this month. The terminal is a vital artery for Kazakhstan's oil exports and provides approximately 2% of global crude supplies. While shipments have resumed, volumes remain below normal levels as shippers remain apprehensive due to ongoing drone alerts.