Russia to waive duties on oil exports to Belarus

Belarus welcomes Russia's decision to waive duties on its oil exports to Belarus, Prime Minister Mikhail Myasnikovich said on Friday. "If we are to enhance cooperation, create transnational corporations, we need to develop the common market and skillfully formulate trade and investment policies," he told a press conference in Minsk. According to the prime minister, Russia is ready to waive the duties even though it will affect its budget revenues. "A historic decision was taken to establish a Eurasian Economic Union by 2015," in Astana, capital of Kazakhstan, which will give a new dynamic to an integrative cooperation, he said. Belarus has been importing Russian oil since 2011 without paying duties but has to transfer the export duties to Russia for oil products shipped to a third country. In 2012, Russia received 3.8 billion U.S. dollars in Belarus' export duties on oil products shipped to a third country. In 2011, the sum was 3.07 billion U.S. dollars.