Belarus: EEU cuts import duties

The Eurasian Economic Union (EEU) has reduced import duties from 5.43% to 5.3% of the customs value of goods. The new rates became effective on September 1. The move was approved by the Eurasian Economic Commission (EEC) and reflects Russia’s WTO commitments. Although Belarus is not a WTO member, the country still has to comply…

Belarus: government extends loan repayment schedule for farms and agribusiness companies

Belarus’ farms and agribusiness enterprises, which received Br455.4 million ($232.255 million) in credits in 2016 to pay for mineral fertilizers, engine fuel and lubricants, will have their credit repayment schedule extended by one year, in accordance with President Lukashenko’s ordinance No. 328 of September 2. The document was made public on September 6. The credits…

World: Russia supporting China as G20 president

The volatility of the currency and commodity markets, as well as high debt in developed countries are constraints for the growth of the world economy, Russian President Vladimir Putin said at an informal meeting of the leaders of BRICS (Brazil, Russia, India, China, South Africa) on the sidelines of G20 summit. He said that “unfortunately,…

Russia: Reserve Fund down in August 2016

Russia’s Reserve Fund, which protects the budget against falls in oil prices, decreased by 15.7% in August to $32.2 billion as of September 1, the Finance Ministry said in a statement. The National Wealth Fund, designed to secure the country’s pension system, rose by 0.7% to $72.71 billion. In ruble terms, the Reserve Fund fell…