October 12, 2008

Russia to raise oil export duty by 21%

Ria Novosti news agency reported that Russia will raise duties on oil exports to around USD 333 dollars per ton from February 1st 2008 a 21% hike.

The report cited Mr Alexander Sakovitch a finance ministry official as saying that “The tax will probably be around USD 332 to USD 333 per tonne.”

The current duty is USD 275.4 dollars per tonne, set on December 1st 2007. Russia revises its oil export duty every two months.