$1.5 bn export duties+ $1.5 bn loan: Russia buys Belarus’s loyalty

In 2015 Belarus will keep all the export duties on oil products, which are made in Belarus and are exported beyond borders of the Customs Union, Russian Deputy Prime Minister Arkadiy Dvorkovich said on Wednesday.

Earlier the parties agreed that Belarus’ budget would receive $1.5 bn of export duties in 2015; the rest was expected to go to Russia’s purse.

“Now all [will be come into the Belarusian budget]. It is still unknown how much it will be because it depends on prices,” Dvorkovich said.

At that, Belarusian top official Siarhei Rumas, a member of the Eurasian Economic Committee, told RIA Novosti that Belarus might gain up to $2.5 bn of export duties.

BelTA reported earlier that on 7 October Belarus and Russia came to terms regarding the procedure for transferring customs duties on Belarus-made oil products. The terms take into account previous arrangements and the calculated losses that Belarus’ budget is expected to incur due to tax adjustments in the Russian oil industry.

The tax adjustment for the Russian oil industry as from 2015 envisages an increase in the tax rate on the extraction of subsurface resources and an increase in rates of customs duties on dark oil products with a simultaneous reduction of customs duties on oil and light oil products. The tax adjustment was likely to result in more than $1 billion in losses for the Belarusian oil processing industry.

In 2015 Russia is expected to supply Belarus with 23 mln tons of oil. Recently Moscow has provided $1.5 bn loan to our country.


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