Russia raises oil export dutyJuly 1st, 2008 - 3:53 pm ICT by IANS
Moscow, July 1 (RIA Novosti) Russia has raised export duty on crude oil to a record $495.9 per tonne, the finance ministry said Tuesday. The new duty, effective from Aug 1, has been raised by $97.8 per tonne over the existing rate, in line with world market trends, the ministry said.
“We will reach a record export duty on Russian oil that will be fixed at $495.9 per tonne from Aug 1,” Alexander Sakovich, deputy head of the customs payment department at the finance ministry, said.
The Russian government adjusts export duty on crude and petroleum products every two months, depending on changes in the Urals blend price on the world market.
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