Gazprom To Rise Gas Price for Belarus

Gazprom head said that the company was going to increase the gas price for Belarus fivefold.

Alexei Miller told the Belarusian energy minister that Russian gas "must be supplied at prices equivalent to the European level".

Gazprom said Belarus' fivefold price rise would come into effect next year.

Belarus currently pays $47 per 1,000 cubic metres of Russian natural gas. According to the analysts, Belarus, which has a command style economy, would be severely damaged by this price's hike.

It is the only former Soviet nation to have avoided a rise in gas prices in the past year. Belarus has had the same gas contract since 2004.