Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Russia Raises March Crude Export Duty 4.4% After Urals Gains

Feb. 28 (Bloomberg) -- Russia, the world’s biggest oil producer, will raise its export duty on most crude shipments by 4.4 percent from March 1 following an increase in the price of the country’s Urals blend.

The standard duty will climb to $411.20 a metric ton, or $56.10 a barrel, from $393.70 a ton in February, according to a decree signed by Prime Minister Vladimir Putin and published today in the official government newspaper, Rossiyskaya Gazeta.

The discounted rate on some Eastern Siberian and Caspian Sea oil will climb to $204.40 a ton from $191.20.

Russia bases the export duties on the average Urals crude price from the 15th day of one month to the 14th of the next. Urals, Russia’s benchmark export blend, averaged $112.22 a barrel during the most recent period, according to the Finance Ministry, up from $108.23 in the previous period.

The government lowered the crude tax rate in October, applying a coefficient of 60 percent, down from 65 percent, and unified the duty on most refined products at 66 percent of that levy.

The duty for middle distillates and heavy products will rise to $271.40 a ton next month, from $259.80 in February.

A gasoline tax that Putin imposed in May to counter domestic shortages will increase to $370.10 a ton from $354.30 this month. That is 90 percent of the crude oil duty. The government will lower the duty on liquefied petroleum gases such as butane and propane to $157.30 a ton.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.