Belarus's government requested a loan from Russia February 22 due to rises in oil and natural gas prices imported from Russia.
"We have not yet granted a loan to Belarus," Alexei Kudrin told a late-night news conference Friday, adding that the decision could be made in the next few months.
On January 1, Russia raised the price of its gas supplies to Belarus to $100 per 1,000 cubic meters from $46.7 in 2006, which sparked an energy dispute between the two countries and triggered more accusations in Europe that Russia is using oil and gas as a political weapon.
"In any case, the decision will require changes in the [federal] budget and the approval by parliament, that is why we are carefully studying this issue," said the minister, who is attending a meeting of the G8 finance ministers in Germany.
Late Friday, Russian energy giant Gazprom [RTS: GAZP] signed a deal to purchase a 50% stake in Belarusian pipeline operator Beltransgaz for $2.5 billion.
Gazprom will make equal payments in four stages from 2007 to 2010, acquiring a 12.5% stake in Beltransgaz at each stage, which will ensure stable gas supplies to Central and Western European consumers.