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Belarus Transferred to the Russian Budget $3.2 bil of Duties on Oil Products Exports

Author: Newsmaker added 27-11-2012, 07:26
Belarus Transferred to the Russian Budget $3.2 bil of Duties on Oil Products Exports
According to the statistical report of the National Bank of Belarus in January-October Belarus transferred to the budget of the Russian Federation duties on oil products obtained from Russian oil to the sum of $3 bil and 190.9 mil.

In October the amount of duties paid to the Russian budget was $261.8 mil as against $266.9 mil in September, $252.3 mil in August, $191.2 mil in July and $377.3 mil in June. In May Belarus transferred to the budget of Russia $384.2 mil against $363.7 mil in April and $448.2 mil in March. In February and January disbursements were $324.1 mil and $336.6 mil respectively.

Experts estimate the amount of export duties on oil products to make up to a quarter of Belarusian export of these goods.

As it was reported, in 2011 Belarus sent to the budget of the Russian Federation $3.07 bil by the way of export taxes on oil products exported to the third countries. The total amount of Belarusian Government transfers sent to the Government of Russia (considering distribution of export duties within the Custom Union) last year was $3.96 bil.

Since 2011 Belarus has been obtaining Russian oil taxfree though transferring to the budget of the Russian Federation exports duties on oil products produced from the oil and sold to the third countries. Export duties on oil extracted on one’s own (1.7 mil t per year) are included into the budget of Belarus.

According to the balance of payments, in 2011 oil imported in Belarus from the Russian Federation at the amount of $7.44 bil made 29.9% in the total volume of imports (31.1% in 2010) and was by 32.2% more as compared to 2010. Oil products exporting from Belarus increased in 1.9 times and reached $12.5 bil.

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Tags:
duty on export, oil, oil products, Russian Federation, National Bank

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