Russian Ministry of Finance: Stop subsidizing Belarusian refineries

Oil products export duties may be raised from 2011 up to 85-90% of the oil price.

This statement was made by minister of finance of Russia Sergey Shatalov, Interfax-Zapad information agency repots.

According to him, Russia may apply export tax on oil products to compensate for lose of income from oil export duties for Belarus caused by entering the Common Economic Area.

As noted by Shatalov, Russia plans to get 100% of export duties on oil products exported from Belarus to compensate for the export duties Russia loses delivering oil to the country.

“We want to receive compensation from Belarus. It may be raising export duties on oil products, a significant increase, in order they can transfer us all oil products export duties exported from Belarus in full amount,” he said.

“The oil products export duties are now 55% of crude oil duties. It means that we are subsidizing the oil processing industry (in Belarus – Interfax) from the state budget. We do not want to give this aid to Belarusian enterprises. The way out is that we should increase the oil products export duties not only for Belarus but also for Russia,” Shatalov noted.