Russia cuts oil and diesel fuel export duties

January 10, 2014

The Russian government has lowered crude oil and diesel fuel export duties in 2014, Itar-Tass reported on January 10.

The export duty for crude oil will be calculated using the 0.59 ratio from January 1 to December 31, 2014.

The ratio will be lowered further to 0.57 in 2015 and to 0.55 from January 1, 2016.

The export duty for diesel fuel will be reduced from 66 percent to 65 percent in 2014, to 63 percent in 2015 and to 61 percent in 2016.

The government believes that this will “help keep about 50 billion roubles in the oil industry in 2014-2016 and make up for the negative effect from the ‘tax manoeuvre’ that raised the tax on the extraction of mineral resources.

Copyright: Itar-Tass, 2014