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Russia Raises Crude Oil Duty

Russia will increase its export duty on most crude shipments by 12 percent from April 1, the biggest gain in a year, after Urals prices climbed to the highest level since 2008.

The standard duty will jump to $460.70 a ton, or $62.85 a barrel, from $411.20 a ton in March, according to an order signed Friday by Prime Minister Vladimir Putin. The discounted rate on some eastern Siberian and Caspian Sea oil will rise to $241.50 a ton from $204.40 this month.

The duty for middle distillates and heavy products will rise to $304 a ton from $271.40 in March. A gasoline tax that Putin imposed from May to counter domestic shortages will increase to $414.60 a ton, from $370.10 this month.

(Bloomberg)

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