Russian oil export duty raised to $401 per tonne from January 1

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Russian oil export duty raised to $401 per tonne from January 1

MOSCOW. Jan 9 (Interfax) - Russia has raised the export duty on crude oil by $15.3 per tonne to $401 per tonne effective January 1, 2014.

The export duty was $385.7 per tonne in December.

The Finance Ministry previously forecast that the oil export duty would only rise by $9.1 per tonne to $394.8 per tonne in January

The Economic Development Ministry said the discrepancy was due to the reduction of the coefficient used to calculate the export duty to 0.59 from 0.60 under a new law (N263-FZ of September 30, 2013) that took effect on January 1, 2014. A draft government resolution bringing the March 29, 2013 resolution (N276) into accordance with the new law has been prepared for the Cabinet.