Belarus and Russia close to agreement on oil

RUSSIA / FSU POLITICS - In Brief 25 Feb 2020 by Alex Teddy
On February 21 an agreement was reached in principle regarding oil prices. President Lukashenko of Belarus met the Governor of Archangelsk - a Russian city. Russian oil companies will sell oil to Belarus at a discount of USD 2 per ton. This will still leave Belarus worse off than before. Nevertheless it is a lot cheaper than buying oil at the world price. From 2011 Belarus paid the average Urals oil price minus an export tax and an additional discount of USD 3.7 per ton. This was a major subsidy which represented 3% of Belarus' GDP. Belarus is one of the poorest countries in Europe.

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