Trade Turnover of Belarus And Russia Drastically Drops

Oil, gas and food wars have become the main factors affecting the trade turnover.

In 2016, the trade turnover between Belarus and Russia has decreased to its lowest level since 2009 — $ 26,1 billion. The oil factor made the most significant influence on the reduction in the turnover.

On the one hand, Belarus, being reluctant to sell oil products at the Russian prices, sharply reduced the fuel supplies to Russia. In 2016, the Russian market received 268,2 thousand tons of oil, which is more than threefold less than in 2015, telegraf.by writes.

In turn, Moscow, having failed to agree with Minsk on gas prices, in 2016 reduced the supply of oil to the Belarusian refineries. Last year, Belarus received 18,1 million tons of oil, which is 21% less compared to 2015.

Another factor that had a negative impact on the bilateral trade is food.

During 2016, Belarus exported agricultural and food products for $ 4,15 billion, $ 3,7 billion of them — to Russia. Thus, the Russian market in 2016 accounted for almost 90% of agricultural and food products exported by Belarus.