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Russia is lowering as of February 1 export duties
Russia is lowering as of February 1 export duties on oil and petroleum products, responding to a fall in world oil prices amid the ongoing global financial crisis.

Under the government decree signed by Russian Prime Minister Vladimir Putin on Thursday, the oil export duty now stands at $100.9 per metric ton compared with the previous export duty of $119.1 per ton.

As of February 1, the duty on light petroleum products totals $80.3 per ton against the previous $92.6 per ton and on heavy petroleum products $43.2 per ton against the previous $49.9 per ton.

Last year, the government abandoned its previously accepted bimonthly practice of monitoring the price of the Urals blend on world oil markets and from December 1 switched to setting export duties on oil and oil products on a monthly basis to respond more swiftly to changes in world oil prices.

Alexander Sakovich, deputy head of the Finance Ministry's customs payments department, earlier said the average oil price was $40.16 per barrel from December 15, 2008, through January 14, 2009.

The global financial crisis has forced Russia, which receives a large part of its revenues from oil exports, to gradually devalue the ruble amid capital flight and a fall in world oil prices, which have declined from their peak of $147 per barrel in July to just around $40 per barrel.


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