Russia may Reconsider its Loan Cooperation with Belarus

20.06.2011 12:58

Ministry of Economic Development of Russia (MED) may advocate the revision of the credit co-operation with Belarus if it doesn't change its position on restrictions on imports and foreign currency purchase. This was stated by MED deputy head Andrey Slepnev on June 18.

According to Deputy Minister of Economic Development of Russia, the measures, taken by the Belarusian authorities today to restrict lending, foreign currency purchase and procurement of Russian components of private entrepreneurs, grossly violates the agreements reached within the framework of Customs Union and CES, reports RIA «Novosti.»

In this regard, the Russian side requested Belarus to hold official consultations on these issues. «We’re unlikely to communicate with the courts, but we’ll probably advocate the revision of credit cooperation,» said Andrey Slepnev.

«We understand the difficulties of the Belarusian side, and therefore we’ve been hoping for them to find a solution that will reflect the existing arrangements. We understand that the situation is developing in a negative way; there are no decisions respecting our interests at the moment, and we intend to begin consultations next week,» said the deputy minister.

Andrei Slepnev stressed that one «should act appropriately» even in a crisis situation. «One can’t borrow with one hand, and hit on our economic interests with another one,» said Deputy Head of MED.

According to Andrei Slepnev, the Russian partners have lost tens of millions of dollars through restrictions existing in Belarus. In particular, losses are caused by the fact that private enterprise cannot benefit from currency conversion.

Russia Not to Deny Belarus in EurAsEC Credit, Finance Ministry

Meanwhile, Russian Finance Minister Alexei Kudrin said that Russia would not go back on the  transfer of the first tranche of EurAsEC loan to Minsk. According to him, the question of Belarus restricting imports is not associated with the terms of the loan. However, as the head of the Russian Ministry of Finance, if the Belarusian authorities significantly restrict trade with Russia, which contradicts the rules of the Customs Union, Russia may raise the issue.

According to Telegraf, an agreement on the allocation of the Crisis Fund $3 billion loan to Belarus was signed in June. The first tranche of $800 million is expected in Belarus in June.