The deputy head of Russia’s finance ministry’s customs department Alexander Sakovich said that his country will raise oil export duty from the current $152.80 to $212.60 a metric ton from 1 July 2009, subsequent to trends on worldwide oil markets.
As of 1 July the duty on light petroleum products will increase to $155.50 from the present $115.20 a ton and for heavy petroleum products it will rise to $83.80 from the present $62.10 a ton.
Go deeper with GlobalData
In 2008 the government suspended its previously established bimonthly adjustments of export duties based on the price of the Urals blend on worldwide oil markets, and from 1 December 2008 moved to setting duties for oil and oil products on a monthly basis to respond more quickly to changes in global oil prices.
The worldwide financial crisis has forced Russia, which obtains a large part of its revenues from oil exports, to slowly diminish the ruble amid capital flight and a drop in worldwide oil prices, which decreased from their highest of $147 per barrel in July 2008 to about $40 per barrel in early 2009, before climbing back in recent weeks to more than $70.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
