Belarus and Russia have reached a deal resolving their differences on several natural gas and oil issues.
Belarusian Deputy Prime Minister Uladzimer Syamashka said on October 10 that Minsk will pay off its gas debts to Moscow by October 25, while Russia will cut the gas price for Belarus.
Syamashka also said that the reduced gas price will be applied to Russian supplies as of July 1, 2016, and further price cuts for Russian gas will be made in the coming years. No further details were given.
In Moscow, Russian Deputy Prime Minister Arkady Dvorkovich said on October 10 that Minsk's debts for Russian natural gas amounted to $300 million, adding that the agreement reached will allow for the regulation of trade for Russian-Belarusian oil products.
The statements come after Belarusian President Alyaksandr Lukashenka said on October 7 that his country was negotiating with Iran for the purchase of oil amid differences with Russia on oil and gas imports.
Moscow has cut its oil supplies to Belarus by more than one-third since July, accusing Minsk of being reluctant to pay its debts for Russian gas.
Minsk has been demanding that Russia lower its price for gas from $132 to $73 per 1,000 cubic meters.
Belarus had also not recognized the existence of any debt incurred for gas supplies since early 2016.