Updated at 11:50,16-10-2017

In 2014 Belarus transferred the minimum amount of export duties on oil products to Russian budget in August

doingbusinessby.com

The data of the Federal Treasury of the Russian Federation show that in January-August 2014 the total amount of export duties on oil products manufactured of Russian crude oil and exported outside of the Customs Union, which Belarus transferred to Russian budget, made up RUB 78,300.4 million. The amount of export duties on oil products in January-August 2014 exceeded the amount of export duties on oil products in January-August 2013 by 0.8% only.

In August 2014, Belarus transferred RUB 7,045.6 million to the Russian federal budget as export duties on oil products manufactured of Russian crude oil and exported outside of the Customs Union, which was the minimum of export duties on oil products transferred by Belarus to the Russian budget in 2014.

According to the Agreement on payments and registration of export customs duties when exporting crude oil and certain oil products from Belarus outside of the Customs Union, export duties and delay penalties are calculated in the U.S. dollars. In January-August 2014, the federal budget of Russia got approximately USD 2,234.1 million, which was by 9.8% less than in January-August 2013.

In August 2014, Belarus transferred export duties on oil products at USD 195.1 million. In July 2014 and in August 2013, the amounts of export duties on oil products transferred by Belarus were more considerable.

In August sales of Belarusian oil products through the Russian commodity exchanges were at the minimum level ever registered in 2014. At the same time, in August 2014, rates of export customs duties on oil products exported outside of the Customs Union exceeded rates set for July 2014 and for August 2013. Therefore, the reduction of amount of export duties on oil products transferred to the Russian budget may be explained by the fact that the range of exported products was changed in favor of oil products, the export of which is subject to lower customs duties, o is not subject to customs duties. In particular, the scheme of export to the EU countries of bitumen mixtures, antidetonants, antioxidants, retarding agents, bodying agents is one of the ways to reduce the amount of export duties on oil products to Russian budget.

In September-October 2014, Naftan and Mozyr Oil Refinery will carry out scheduled repairs, therefore, it is expected that the amount of export duties on oil products to Russian budget will decline further. As for the amount of export duties in Russian rubles, it may remain at the previous levels due to the acceleration of devaluation of the Russian currency against the U.S. dollar. The decline of the Russian ruble is caused by different trends: the stagnation of the export of raw materials, the decline in prices for crude oil, the imposition of further sanctions against Russia by the EU and the USA as a result of the escalation of the conflict between Russia and Ukraine.