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. Last Updated: 07/27/2016

Energy Debts Mount

MOSCOW (MT)- The total debt of the consumers to Russia's energy sector has reached 3. 7 trillion rubles ($3. 6 billion), aggravating the production decline in the industry, Interfax reported Tuesday.

According to the news agency, Russia's Fuel and Energy Minister Yury Shafranik told the cabinet that while the industry's hard-currency earnings in the first six months of 1993 accounted for 80 percent of the Russian total, the production was slipping because of a shortage of money. The June oil output was 28. 3 million tons, down from 29. 6 million tons in May.

Kazakhstan alone owed Russia's energy sector 50 billion rubles ($48 million), and Belarus had payed as little as $20 million for fuel supplies from Russia that are valued at $1. 8 billion, said Shafranik.