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06 June 2024, 16:11

Substantial progress secured by Belarus, Russia in creating common energy markets pointed out

MOSCOW, 6 June (BelTA) – Belarus and Russia have secured substantial progress in creating common energy markets. Belarusian Energy Minister Viktor Karankevich mentioned it during the roundtable session “The Union State: 25 years of integration - results and new challenges” at the St. Petersburg International Economic Forum, BelTA has learned.

Viktor Karankevich said: “Belarus and Russia have advanced substantially in creating joint energy markets.”

The official noted that an interstate agreement on setting up the united electricity market had been drafted and had passed intrastate procedures. Price terms for deliveries of Russian natural gas to Belarus through 2025 have been determined. Negotiations are in progress on further rapprochement of business operation terms with regard to gas industry as from 1 January 2026. Further integration of Belarus-Russia in energy industry will proceed in accordance with the main guidelines on implementing provisions of the Union State Foundation Treaty for 2024-2026.

“Our joint efforts will be concentrated on practical implementation of the mechanisms meant to enable the operation of energy markets and further gradual advancement of bilateral integration,” the energy minister stressed.

Strategic interaction between Belarus and Russia is about to reach new heights on the basis of the fundamental decisions made by leaders of the two countries at a meeting in Minsk in favor of further integration, he remarked.

According to the minister, a number of most important agreements have been reached on advancing cooperation in energy industry for the sake of bolstering the energy security of the Union State of Belarus and Russia and effective operation of the national economies. “The negotiations that have been held will definitely add dynamics to our joint work, including in matters concerning the formation of the common energy markets,” he stated.

“In the current complicated foreign policy situation and the rising pressure of sanctions the fuel and energy complexes of our countries operate steadily. They ensure stable operation of the manufacturing sector and the social sphere, satisfy the growing domestic demand for energy resources. Modernization and development of the energy industry continues. The industry implements comprehensive measures to reach technological sovereignty,” the minister stressed.

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