Belarus evaluates losses in the aftermath of Druzhba incident

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The Belarusian economy has suffered losses due to the incident at the Druzhba oil pipeline. Belarus has achieved some success in promoting Belarusian products on the Russian market.

In H1 2019, Belarus’ currency proceeds grew by 1% as compared with H1 2018. Currency proceeds have been growing at a good pace until April 2019 and as of May began to decline due to lower revenues from oil products. The total decrease in currency proceeds in May-June totaled almost 10%.

The impact of currency deficit in May-June on the Belarusian economy yet has to be evaluated. Meanwhile, the oil sector itself yet has not fully estimated losses. In addition to refineries and oil pipeline companies, Belaursneft, the Belarusian oil company, also suffered loses.

Meanwhile, the government’s efforts to promote Belarusian products on the Russian market have brought results. Last week, Rosselkhoznadzor lifted restrictions against five Belarusian enterprises. The Belarusian Industry Ministry, Rosagroleasing and VTB bank signed an agreement to include 80 Belarusian enterprises in the leasing support programme. BelAZ will supply 90-ton dump trucks to the Russian Industrial and Metallurgical Holding, and Belkommunmash will supply trolley buses to Novokuybyshevsk.