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Belarus said to have paid over $1.2 billion in export duties on petroleum products to Russia in first four months of 2014

The amount that Belarus transferred in the first four months of 2014 into Russia’s treasury in export duties on petroleum products made from Russian crude oil totaled more than $1.2 billion, $164 million, or 18.8 percent, less than in the same period the previous year, according to government data.

Belarus reportedly transferred $306.7 million in January, $296.5 million in February, $302.7 million in March, and $311 million in April.

Since 2011, Russian oil exports to Belarus have not been liable to duty, but if petroleum products made from Russian oil are exported outside the Customs Union of Belarus, Kazakhstan and Russia, Belarus is required to repay the amount it collects in export duties to Russia.

On May 29, Belarus and Russia signed a deal whereby Minsk will be allowed to keep as much as $1.5 billion in export duties on petroleum products in its treasury in 2015. //BelaPAN