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Belarus' export $1.5bn below target due to tax maneuver, polluted oil

Economy 15.10.2019 | 16:59
An archive photo
An archive photo

MINSK, 15 October (BelTA) – Due to the tax maneuver and polluted Russian oil Belarus has failed to get about $1.5 billion from export. Belarusian First Deputy Minister of Foreign Affairs Andrei Yeudachenka made the statement before the session of the Council of Ministers' Presidium held on 15 October to discuss ways to increase and diversify export, BelTA has learned.

The official said: “Due to the tax maneuver, due to the lower than expected shipments of oil products, due to the polluted oil situation our export program is roughly $1.5 billion below the target. We've been able to compensate for 55% of the sum by exporting more of other kinds of products. But now we have to find ways to compensate for the other half before the end of the year.”

There are also problems with export diversification. “This year the share of non-CIS markets has been exactly 30%. As for Russia and the European Union, we've seen a shift in favor of the Russian Federation due to the situation we have on the market of oil and oil products. The tax maneuver has led to an increase in the share of the Russian Federation and a decrease of the European Union market due to losses in deliveries of oil products,” the official explained.

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