Support The Moscow Times!

Oil Duty Could Fall 1.5%

Russia is likely to cut crude export taxes 1.5 percent next month and possibly more if Prime Minister Vladimir Putin adopts a tax regime designed to spur investment in fields.

Putin gave the government two weeks from July 8 to submit proposals on applying the "60-66" measure after some refiners complained. Rosneft, LUKoil and TNK-BP, Russia's three largest oil producers, are set to benefit, VTB Capital analyst Dmitry Lukashov said.

The standard duty will probably drop to $438.20 a ton ($59.80 a barrel) from $445.10 a ton in July, according to calculations based on Finance Ministry data.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.