The document was signed following the bilateral meeting of the ministers in Moscow.
The statement said:
- Specific gas prices will be set out in a joint document with Gazprom on the basis of the conditions in 2021
The faster the pace of oil & gas price rises on the world market, the larger the implicit subsidies Russia gives Belarus.
Russian President Vladimir Putin said that Minsk buys Russian gas 7 times cheaper than it costs on European spot markets.
Belarus expected the price for Russian gas to remain at $128.5 per 1,000 m3 in 2022.
In September, Russia and Belarus agreed to form a common gas market.
The principles of functioning and regulation of the total gas market must be developed by July 2022.