From January 1, export duties on oil and petroleum products will be zeroed in Russia.

Ministry of Finance of Russia reportedthat from January 1, 2024, duties on the export of oil and petroleum products will be zeroed out. Currently, the duty on oil is $24.7 per ton. The zeroing of export duties from next year was planned as part of the tax maneuver.

The Ministry of Finance clarified that duties on the export of light and dark petroleum products, oils, commercial gasoline, naphtha and coke are subject to zero. According to the ministry, the average price for Urals oil for the period from November 15 to December 14, 2023 was $66 per barrel, North Sea Dated – $78.89. The press release also reports that the export duty on liquefied gas from January 1 will be $1.6, on pure fractions of liquefied hydrocarbon gases – $1.4.

The tax maneuver in the oil industry was announced in 2015. The goal of the maneuver is to reduce duties on the export of oil and petroleum products to zero and increase the tax on mineral extraction.

Before the start of a military operation, experts predictedthat the tax maneuver in the Russian oil industry will not increase budget revenues at current high oil prices. At the end of March, Deputy Prime Minister Alexander Novak saidthat the government does not yet consider it advisable to change or cancel the tax maneuver in the oil industry.

Erdni Kagaltynov