Russian oil price formula mechanism sent to Belarus - energy minister

Russian Energy Minister Alexander Novak said on Friday that proposals by Russian companies for a price formula mechanism for Belarus oil purchases had been sent to Minsk. The proposed approach takes into account the reduction of the premium by about $2 per tonne in proportion to the reduction of the export duty, making it possible to partially offset the effect of the reduction of the export duty, Novak said.

Belarus said on Friday Russia had proposed compensating Minsk for the cost of tax changes relating to Russian oil supplies in 2019, signaling potential progress in a two-month row between the two countries.