Russia, Belarus Sign Oil Transit Agreement

Belarus and Russia have signed an agreement resolving an oil transit row.

Russian Prime Minister Mikhail Fradkov said on January 12 that Russia will cut its duty on oil exports to Belarus to $53 per ton. Moscow previously said it would charge more than three times that amount ($180).

Fradkov described the deal as "a balanced solution corresponding to the interests of both countries."

The talks came after Minsk and Moscow agreed in principle earlier this week to resolve their differences in the dispute that had disrupted supplies through the main export pipeline to Europe.

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