Russia may end up gaining control of Belarussian refinery assets, as the outcome of an ongoing oil pricing dispute between the two countries, says Metropol, noting Belarus is unlikely to raise transit fees.
"We think that the threatened (in transit fees) increase is unlikely, as Russia's goal in the dispute is more likely to force Belarus to privatize its refineries rather than add $2 billion per year to Russia's budget revenues via crude export duties," says Alexei Kokin. Believes conflict should cause little damage to Russian exporters' earnings. (JGP)