On December 19, the Russian president Vladimir Putin traveled to Minsk for talks with Belarusian leader Alexander Lukashenko. The following day, Prime Minister Roman Golovchenko said that Moscow and Minsk share enough common ground to move forward, noting that there are no areas where the sides cannot find solutions or where positions are fundamentally at odds.
“I sense no lack of agreement between presidents or doubts about how to implement an agreed plan. That marks a clear shift from meetings held three or five years ago”, he observed. These remarks were carried by SB. Belarus Today.
During the discussions, Russia pledged credit support to help restructure Belarusian debt owed to Russian financial institutions.
“There are economic nuances. Russia will provide credit assistance for restructuring Belarusian debt with Russian banks. This topic was raised and received full understanding from Russian colleagues”, Golovchenko explained.
As he emphasized, the current environment creates an opportunity to bolster the Belarusian economy. He added that the final amount still needs to be calculated.
World Bank figures show Minsk’s debt to Moscow standing at about $8.5 billion. Belarus remains Russia’s largest debtor. In October, it was reported that Russia would allocate an additional $1.5 billion to support import substitution programs in Belarus.
gas price
Both governments agreed on a fixed natural gas price for Belarus for the next three years. Golovchenko described the price as comfortable, with commercial agreements expected to be signed soon.
“I want to reassure the people of Belarus that the business climate will stay stable and favorable for industry. The question is primarily economic, not political, and the price agreed yesterday reflects Belarus’s offer”, he stated.
Golovchenko framed price fixing as a step toward definitive stability, noting that the figure helps adjust macroeconomic calculations over time. He added that price is not the sole cornerstone of the arrangement.
Following Lukashenko’s remarks, both sides appeared satisfied with the gas price framework, with Lukashenko noting that Russia’s support is useful for Belarus.
Import substitution
The Belarusian prime minister also addressed import substitution, pointing out that Belarusians have rerouted export materials away from hostile markets largely by leaning on the Russian market.
“Even after ten months, exports to Russia have surpassed $18 billion, a record level for a single year”, Golovchenko noted.
He described the list of import substitution projects with Russia as clear, with no formal cap beyond twenty initiatives. He stressed that progress depends on technical and technological capabilities and emphasized the importance of using the allocated 105 billion rubles.
Most projects aim to create goods in demand for both Russia and Belarus. He added that when Russian machine-building firms faced sanctions and supply restrictions on components, Belarus acted as a cooperative partner, which benefited many businesses.