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. Last Updated: 07/27/2016

Belarus Axes Oil Duties

MINSK, Belarus -- Belarussian President Alexander Lukashenko has signed a decree scrapping excise duties, taxes including VAT, licenses and customs duties on the import and sale of oil products, the head of the state oil company said.

"These measures have been taken to ensure the uninterrupted supply of fuel to the country," Ivan Bambiza, head of Belneftekhim said on state television Thursday.

Bambiza said the decision would take effect immediately and would remain in place until the end of the year.

Bambiza added that foreign companies would be able to sell oil products without registration and without paying taxes until the end of the year.