The dielectric is polarized as it enters the electric field, and unpolarized as it leaves. There shouldn't be any drag on the belt, because the force is conservative.
Drag == friction == loss == nonconservative force. Compare, for example, a moving belt in a magnetic field: if it is an insulator, there is no induced current, and no force. If it is conductive (but not perfectly so), there is a drag force, due to eddy currents, and the difference is dissipated as heat in the material. If it is perfectly conductive, then the field is conservative and there may be a force, but it will be a springy (conservative) force. Example: if the belt is perforated (so flux can pass through it), and it is positioned in the magnetic field and cooled to become superconducting, then the holes will pin the flux and the belt and magnet will remain locked by a spring force (complementary magnetic dipoles). If the belt is moved, a force is generated proportional to the change in field; this force is returned when the belt is moved back, i.e., it is conservative, and no loss has occurred. If the belt continues to move, of course, at some distance, the pinned flux becomes just some magnet out there, while the unmagnetized belt, moved in, repels the magnet the usual amount, so the force doesn't increase further. It's not a linear force, but it is a conservative force.
Going back to dielectrics, if the material is polarizable but lossy (say, a leaky insulator), then some drag force will arise. If it is not polarizable, it's literally just vacuum. If it's polarizable and not lossy (say, a very good conductor), then there will be a springy force.
Note that relative motion through an E-field creates an apparent mixture of E and M: classic Relativity. So that, as velocity rises, even a very good conductor will still experience induced eddy currents, and cause a drag force. It's simply the same thing from a different reference frame.
Tim