Russia to Raise Export Duties on Petroleum as of September 1, 2010 by 3.7%

Officials with the Ministry of Finance of the Russian Federation recently announced that, as of September 1, 2010, Russia's export duty on petroleum will be raised to USD 273.5 per ton from current USD 263.8 per ton, up about 3.7%.

At the same time, the export duty on light petroleum products will be raised to USD 196.5 per ton from current USD 190 per ton; and that on heavy oils will be raised to USD 105.9 per ton from USD 102.4 per ton; the export of petroleum from East Siberia shall continue enjoying preferences, and the export duty will be raised to USD 87 per ton from USD 80.3 per ton.