Oil Export Duties Up: Russia

Russia decided to raise export customs on the profitable oil exports by more than $6 per ton.
Oil taxes will grow up from $35.20 to $41.60 per ton, Alexander Sakovich, head of revenue and customs tariff department of the reported Wednesday.
According to him, crude export duties are based on a two month monitoring of Russian Urals oil prices on the European market. These prices had risen from an average of $28.32 a barrel in January and February to $30.53 in March and April, he said.
The move is expected to boost oil export revenues for the Kremlin. It may also cut profits for the embattled Yukos oil corporation, Russia's largest producer which currently faces several government probes.