When will a unified oil market for Belarus and Russia be established?

The unified oil market for Belarus and Russia is set to be created in 2027, as it was announced in the Oval Hall of the Government House.

Belarusian lawmakers have ratified a protocol to the oil agreement previously signed by Minsk and Moscow.

Officials at the Oil and Chemical Concern emphasized that dialogue between our countries regarding the formation of common oil and petroleum product markets is ongoing. This is a phased initiative, particularly given that each country has its own established system in this sector, necessitating careful and deliberate approaches. The timelines have been adjusted, with the new deadlines reflecting the changes that Moscow and Minsk have introduced to the 2007 oil agreement, which have received parliamentary support.

It was also noted that the mechanism outlined in the protocol is flexible, allowing for adjustments. Should the parties decide in 2027 to undertake additional refinements that require timeline changes, there will be no need to amend the documents further.