ABN AMRO, the Dutch bank, has been handed the highly sensitive task of brokering a deal between Russia’s Gazprom and the Government of Belarus, as the two sides try to agree on a new price for Russian gas, The Times has learnt.

Gazprom wants to quadruple the price Belarus pays for Russian gas from January 1, 2007.

This would be a blow for Belarussian dictator Aleksander Lukashenko, whose popularity in Belarus depends on the country’s strong social security system, which in turn depends on cheap Russian gas.

As a compromise, the two sides are now looking at Belarus giving Gazprom some key economic assets instead. Gazprom announced this week that ABN Amro has been appointed the evaluator for the assets.

Gazprom deputy chairman Alexander Ryazanov said: “We are interested in the gas mains of BelTransGaz, Beltopgaz distribution networks and the Mozyrsky refinery.”

These assets are worth anywhere between £2 billion and £6 billion. It is estimated that ABN Amro could net fees of up to £120 million.

The two sides differ over which assets should be sold, and how much they are worth. They appointed Deloitte & Touche to evaluate BelTransGaz in 2004, but couldn’t agree on whether it would be the Moscow office or the London office.

Gazprom wants to control Belarus’s pipeline system so that it can ensure stable supplies to the EU. But analysts say the deal could also be the first step in a Kremlin move to force Belarus to reunify with Russia.

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