Russia would not compensate Belarus for ‘retaxing’ oil

Next year, Belarus will not receive $423.6 million from Russia for “re-taxing” oil. This was stated by First Deputy Minister of Finance Yuri Selivestrov, writes interfax.

“Revenues from export duties on petroleum products in the amount of 537 million rubles as well as revenues from the so-called “retaxation” for 951 million,” said Yuri Seliverstov.

As a result, according to the Deputy Ministry of Finance, the country’s budget in 2020 will not receive almost two billion Belarusian rubles.

Russia to give Belarus extra 410 mln USD in 2018

Moscow and Minsk agreed to supply 24 million tons of oil to our country within a year back in 2016. In fact, 18 million tons of raw materials are supplied from this volume, while Russia transfers export duties to the Belarusian budget for the remaining 6 million tons of oil. Over the past few years, Russia has transferred more than $400 million to the Belarusian budget. In 2020, these funds will not come to the country.

The explanatory note to the draft budget of Belarus says that there will be no transfers due to “termination of agreements with the Russian Federation in the oil and gas sector”.