Occasional Memo - 01.05.2010
BELARUS-RUSSIA SPECIAL BOND UNRAVELS AGAIN
SUMMARY: A disagreement over the terms of Russian crude deliveries to Belarusian refiners could escalate and disrupt the flow of 1.2 million b/d of crude via the Druzhba pipeline to European refiners. For now, rumors of a cut in deliveries contrast with official statements that flows are unchanged. The stakes are high, but both sides have reasons not to disrupt crude supply to refiners in Europe.