Russia Lifts Oil Export Duty to 2023 High as Prices Exceed Cap
- Finance Ministry sets the levy at $21.40/ton for September
- Urals crude average price has exceeded G-7 threshold
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Russia will raise the export levy paid by its oil producers in September to the highest level this year, boosting state coffers as the price of the nation’s crude surges.
The government plans to increase the oil export duty to $21.40 per ton next month, up by more than a quarter from August, the Finance Ministry said in a statement Tuesday. That equates to around $2.92 a barrel.