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Russia, Belarus to develop gas market principles by July 2022

The parties agreed to adopt an international treaty on unifying the oil and oil product markets of Russia and Belarus and harmonizing national legislation in these areas

MOSCOW, September 10. /TASS/. The principles of functioning and regulation of the single gas market of the Russian Federation and Belarus will be developed by July 2022, according to the joint statement of Prime Ministers of Russia and Belarus Mikhail Mishustin and Roman Golovchenko on the current development and further steps to deepen the integration processes within the Union State.

"The parties agreed to coordinate actions regarding the formation of prices for Russian gas for the Belarusian side for 2022, as well as to develop principles for functioning and regulation of the unified gas market of the Union State (by July 2022)," the document said.

By December 1, 2023, the parties plan to sign an addendum to the union program, which will determine the basic principles of functioning and regulation of the unified gas market, "as well as the timing of their implementation, based on moving towards convergence of business conditions in the gas sector relative to the current level."

In addition, the parties agreed to adopt an international treaty on unifying the oil and oil product markets of Russia and Belarus and harmonizing national legislation in these areas.

The same applies to forming a unified electricity market. In addition to the interstate agreement, the rules for the functioning of this market harmonizing the laws of the Russian Federation and Belarus will also be approved. The authorities of the two countries have also outlined "a trajectory for implementing the principles of deeper integration of the electric power markets of the Russian Federation and the Republic of Belarus," the joint statement said.

The parties have also "agreed to ensure the unification of legislation in the areas of operation of nuclear power facilities, regulation of radiation safety, emergency preparedness and response, management of nuclear fuel and radioactive waste, by the end of 2023," the document said.

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