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Russia and Belarus reach compromise on gas price

Staff Writer | October 17, 2016
Russia and Belarus have reached a compromise on the price of Russian gas supplies, Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel.
Russia Belarus gas
Energy   Energy Minister Alexander Novak:
"As for the situation on the debt for natural gas that has emerged this year, now I can say that we have found a solution.

All the conditions were specified, and the key condition is that all debt will be paid off, and gas will be paid for in accordance with the agreement on the formula that has operated before," the minister said.

Belarus has been negotiating a reduction in price for Russian gas since the beginning of this year. The current gas price for Minsk stands at $132 per 1,000 cubic meters, though the country’s Energy Ministry considers $73 per 1,000 cubic meters as a fair price for the gas it receives.

On October 11, Energy Minister of Belarus Vladimir Potupchik said that the Russian natural gas price for Belarus would reach $132 per 1,000 cubic meters on the border.

"The border price for Belarus gas supplies is $132 per thousand cubic meters for the time being. It will change along with the price change in Russia and will be calculated by "YNAD" formula," Potupchik said.