Belarus is discussing the possibility of securing additional financing from Russia.

Sources: Belarusian Finance Minister Yury Seliverstov, as cited by The Moscow Times, an independent Amsterdam-based news outlet

Details: Seliverstov said the funds are needed, in particular, to support the Belarusian state budget, which has been planned with a deficit of 4.5 billion Belarusian roubles (about US$1.3 billion) this year, or 1.6% of GDP.

In addition, Seliverstov said Belarus would like to obtain loans to support the country’s oil refining industry and other investment projects.

“We are actively cooperating on the financing of both investment projects and direct funding. These are exactly the issues under discussion,” he stated.

The minister did not specify the amounts involved.

The World Bank data for 2023 shows that Belarus was the largest debtor to Russia, accounting for US$8.2 billion in intergovernmental loans provided by the Kremlin. This made up more than a quarter of the total debt owed to Russia by foreign states, which the World Bank estimated at US$28.9 billion.

Background:

In March 2025, the Russian State Duma (lower chamber of the Russian parliament) ratified an agreement with Belarus granting a significant deferral of its accumulated debt repayments, which were initially set to begin this year.Under the new terms, Minsk will be able to postpone payments until 2031–2036, a delay of 7 to 12 years. The agreement covers approximately US$800 million of Belarusian debt.

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