12 May 2014, 09:53

Russia to reduce oil product customs duties to Belarus

Russia to reduce oil product customs duties to Belarus

Under an agreement reached on Friday between Moscow and Minsk, Belarus will keep around $1.5 billion in customs duties it pays to Russia on its oil products made from Russian oil as of next year.

"We agreed to reduce oil product customs duties. So, next year, half of the duties that we pay to the Russian Federation will remain in the Belarusian budget. That's around $1.5 billion," Belarusian President Alexander Lukashenko told reporters in Minsk.

"We will return to this issue in 2016 and will have these duties lifted within two years to pave the way for civilized trade," he said.

Lukashenko praised the results talks with Russia, saying that agreements on both gas and oil supplies had been reached for a "decade ahead."

"We will receive oil in the amounts we would like to have – 23 million tons with the prospect of an increase in supplies if necessary to keep our oil refineries and our petrochemical industry working," Lukashenko said.

He added that 23 million tons was enough to meet domestic demand and to export oil products.

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