The debt accrued because Belarus has been paying 55 percent of the contractual price since January. Semashko promised to transfer $400 million to Gazprom"s accounts before the July deadline. Under an agreement signed in December 2006, Gazprom will acquire a 50 percent share -- worth $2.5 billion -- in Belarus" gas pipeline network by June 1, 2010.

PIN/STRATFOR.COM