MOSCOW, August 2 (RIA Novosti) - From August 1, Russia's export duty on crude oil rose by $28.3 to $69.9 per ton from the $41.6 per ton charged in the last two months.
Vedomosti wrote that it was an unusually high raise, as the sharpest increase this year had not exceeded $10 per ton. Russia's Economic Development and Trade Ministry as well as the Finance Ministry expect the increase in export duties to bring in over $3 billion a year in extra budget revenues because oil prices remain high ($30 per barrel).
The export duty on oil products was also raised. It was previously calculated as 90% of the crude duty, but now it will be 65%. The duty on oil products will consequently go up $7.5. The move is designed to stabilize prices on the domestic oil products market.
