Russia and Belarus will unite gas and oil markets

As part of the strengthening of Russian-Belarusian integration, Moscow and Minsk agreed to form the combined gas market, as well as oil and petroleum products markets, follows from the report on the government of the Russian government.

The principles of functioning and regulation of the total gas market must be developed by July 2022, by December 2023, add-ons to the Allied Program, which will determine the relevant mechanisms and the deadlines for their implementation. The parties agreed to coordinate the actions on the formation of the price of Russian gas for Belarus next year. For the oil and petroleum products sector, specific deadlines are not called. It is indicated that Moscow and Minsk intend to adopt an international agreement on the association of markets and harmonize national legislation.

In addition, the parties are going to combine the electricity market. Here it is also planned to sign the appropriate agreement and harmonization of laws. A separate program provides for the development of nuclear energy, the legislation must be unified by the end of 2023.

Total at the meeting of the Council of Ministers of the Allied State on September 10, twenty-eight programs were signed, involving the deepening of existing cooperation. They mainly relate to economic integration. Thus, the first program implies that the state as a whole will bring together macroeconomic policies that “will create a basis for joint support for small and medium-sized businesses, streamlines consideration of situations in the field of insolvency and bankruptcy.”

Also, countries intend to harmonize the policies of national central banks, currency regulatory mechanisms, information security requirements in the financial sector. It is also intended to strengthen the integration of payment systems, including the development of cooperation on rapid payments. In addition, the program includes a combination of government systems for monitoring the traceability of goods and their marking. Note and further cooperation in the customs sphere, the unification of the regulation of the transport market.

In addition, Russia and Belarus intend to conduct a uniform agrarian and industrial policy, to create general rules in the field of state procurement, competition and consumer protection, as well as to unify the preparation of financial statements. Harmonize laws Parties should also in the part that concerns the requirements for trade and catering facilities.

It is estimated to be the head of the Ministry of Economic Development of Russia Maxim Reshetnikov, the integration of Russia and Belarus will add 1.5 percent of the growth of GDP countries per year.

/Media reports.