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1 Apr 2019

Putin signs law to ratify Belarusian-Russian oil trade protocol

Putin signs law to ratify Belarusian-Russian oil trade protocol

MOSCOW, 1 April (BelTA) – Russia has finished the necessary procedures to ratify the protocol on amending the Belarus-Russia intergovernmental agreement on measures to regulate trade and economic cooperation in the export of oil and oil products of 12 January 2017. The relevant law has been signed by President of Russia Vladimir Putin, BelTA has learned.

The protocol was ratified by the lower chamber of the Russian parliament on 20 March and by the upper chamber on 27 March.

The protocol was signed in Moscow on 10 October 2018. The protocol clarifies the procedure for agreeing indicative balances of oil and oil products, the procedure for changing the balances as well as other matters of cooperation relating to oil and oil products. Apart from that, the document determines a list of products, which need indicative balances. The number includes gasoline, diesel fuel, furnace oil, and petrochemical products.

In line with the document by 1 October every year representatives of Belarus and Russia are supposed to reach an agreement on the kinds and amounts of products, which are to be exported from Russia to Belarus for the sake of satisfying Belarus' internal demand. If any products are not listed, they can be exported without compiling indicative balances.

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