D.Medvedev signed law ratifying agreement between Governments of RF and Belarus in the sphere of oil export

President of Russia Dmitri Medvedev signed a federal law “About ratification of agreement between RF Government and the Government of the Republic of Belarus on measures for trade and economic cooperation regulation in the sphere of oil export”. This reports the press service of the RF president.

President of Russia Dmitri Medvedev signed a federal law “About ratification of agreement between RF Government and the Government of the Republic of Belarus on measures for trade and economic cooperation regulation in the sphere of oil export”. This reports the press service of the RF president.

The law is adopted by State Duma on May, 23d and approved by Federation Council on May, 30^th in 2008.

The federal law implies ratification of agreement between the Governments of the both states, which was signed on January, 12^th in 2007 in Moscow.

In compliance with the agreement the oil exported from RF in Belarus is subject to export customs duty. The mechanism of tax estimation in 2008 and 2009 is being defined.

It is provided that when exporting oil from the territory of Belarus in the third countries the taxes are imposed according to the rates applied in RF.

In case Belarusian side doesn’t fulfill this obligation RF will impose export customs duties on oil exported in Belarus in full volume.