$1.1 Billion of Export Duties on Oil Products Transferred to Russia’s Budget in 1st Quarter of 2012

According to the National Bank of Belarus, in the 1st quarter of 2012 Belarus transferred $1108.9 million to Russia’s budget as export customs duties on Russian oil products, as is reported by BelTA.

According to the National Bank of Belarus, in the 1^st quarter of 2012 Belarus transferred $1108.9 million to Russia’s budget as export customs duties on Russian oil products, as is reported by BelTA.

Thanks to export duties on petroleum products, this March Russia’s budget grew by $ 448.2 million, in February – by $324.1 million, whereas in January – by $336.6 million.

In 2011 Belarus increased Russia’s budget by $ 3.07 billion having paid export duties on oil products supplied to a third country.

Since 2011, Belarus has been importing Russian oil duty-free. At the same time, export customs duties on oil products, produced from this crude and sold to third countries, are transferred to Russia’s budget. Export duties on oil produced domestically (1.7 million tonnes per year) are transferred to Belarus’ budget.