Russia Close to Decision on Unified Oil Export Tax

Russia is close to making a decision on a unified export duty on crude and refined oil products, which will be implemented in 2012 or 2013, President Dmitry Medvedev's economic advisor said.

The proposal would cut export duty on crude oil to a marginal rate of 60%, from 65% previously, while adjusting duties on refined products to 66% of the level of crude oil.

"Technically it is possible even now, but oil companies need more time to adjust their plans to the new tax regime," Arkady Dvorkovich said.

Russia's energy minister, Sergei Shmatko, said earlier this week that the unified export duty would be introduced this summer.