Report: PM: Belarus loses $330 mln in 2019 over Russian oil reform

MINSK, Feb 6 (PRIME) -- Belarus lost around U.S. $330 million in 2019 due to Russia’s tax reform in the oil industry, new agency Belta reported on Thursday citing the state’s Prime Minister Sergei Rumas.

“Belarus’s entire loss amounted to around $330 billion including $130 million of the budget’s loss and $200 millions of two refineries’ loss,” he said.

In 2019, Russia started the final stage of the tax reform in the oil industry. The reform envisages a so-called damping mechanism aimed at holding down fuel prices on the domestic market while the fuel tax reform is finalized.

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