Belarus expects to receive from Russia around $650 mln in reverse excise tax on oil

MINSK. Jan 16 (Interfax) - Belarus expects to receive from Russia in 2023 reverse excise tax on oil totaling 1.7 billion Belarusian rubles [$647.4 million at the current exchange rate of the republic's National Bank], Belarusian Finance Minister Yury Seliverstov said.

"At a cost of $80 per barrel, Belarusian oil refineries should receive around 1.7 billion Belarusian rubles in reverse excise tax this year," Seliverstov told the Belarus 1 state TV channel on Sunday, adding that, "Everything will depend on the cost conditions."

"That is, this is such a tangible amount that would allow our refineries, which process petroleum products necessary for our domestic market, to have the same terms and conditions as in the Russian Federation, and to benefit economically there from the rather acceptably favorable conditions," Seliverstov stressed.

"Those selling petroleum products domestically in the Russian Federation receive the corresponding reverse excise tax. Those producing petroleum products from our oil, in fact, received reverse excise tax last year on a temporary basis under an agreement with the Russian Federation that we had in the first part of 2021 and 2022. That is, this process was already in effect for us, though it was temporary. Now that it is in the agreement [on indirect taxes between Belarus and Russia], it should already be permanent," Seliverstov added.