Russian Oil Export Duty To Reach Record High

Duty on Russian oil exports is to be set at $495.9 per tonne from August 1, the deputy head of the Russian Finance Ministry's customs payments department, Alexander Sakovich, told today. The average price of oil stood at $123.36375 per barrel during the monitoring period of May-June, Sakovich explained. The duty will be set at $346.4 and $186.6 per tonne of light and heavy oil products, respectively.

The export duty on oil is currently $398.1 per tonne. The duty on light and heavy oil products was set at $280.5 per tonne and $151.1 per tonne respectively as of June 1.