Moscow Aims for Higher Oil Export Duty

Moscow aims to increase the export duty for most shipments of crude oil to the highest level since 2008, Finance Ministry figures show.

Moscow aims to increase the export duty by 1.9 percent on June 1. Bloomberg News calculations from the Russian Finance Ministry put the new level at $462.10 per metric ton up from $453.70 in May. August and September 2008 levels were at $459.50 per metric ton.

Moscow is examining energy taxes as part of an effort by Russian Prime Minister Vladimir Putin to keep more resources on the domestic market.

With Russia capping energy prices, producers were sending products to foreign markets to cash in on soaring prices. Igor Sechin, the deputy prime minister, added the Kremlin was considering unspecified steps to make sure gasoline is flowing in the domestic market.

The Siberian transportation sector was hit hard by the shortages, with as much as 30 percent of the public transportation fleet idled. Harvest season is expected to strain gasoline demand further.