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Belarus expects Russia to pay $640 MM in compensation for refineries

(Reuters) - Belarus expects to receive $640 MM from Russia in 2024 to compensate for losses sustained by its oil refineries, Russian state news agency RIA reported on Monday, citing the Belarusian Finance Ministry.

Belarus used to import discounted oil from Moscow for years and resold some of it, as well as oil products refined from the Russian crude, on to Europe. Russia stopped the practice in 2019 amid changes to its tax policy, resulting in costs of $330 million to Belarus that year, according to Minsk's estimates.

The row between the two states even led to major Russian oil companies suspending supplies to Belarus at the start of 2020, which in turn disrupted Belarusian oil exports to Germany.

Russia agreed in 2021 to compensate Belarus for its losses on an ongoing basis.

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