Putin Signs Decree Cutting Oil Duty by a Third From Next Month

Russian Prime Minister Vladimir Putin has approved cutting the tax on exports of crude oil by one-third to $192.10 a metric ton from Dec. 1, rejecting calls for a bigger reduction, the government press service said.

Duties on light oil products and heavy oil products will fall to $141.80 and $76.40 a ton, respectively, according to the release.

Energy Minister Sergei Shmatko had lobbied for the crude duty to be reduced to $140 a ton, the Interfax news service said today.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net.

To contact the editor responsible for this story: Chris Kirkham at ckirkham@bloomberg.net

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