Russia to Alter Oil Export Duty System in 2013

 
According to Russian vice finance minister, Russia ministry of finance is likely to decide in 2013 spring whether to revoke or adjust Russian new export-duty system on oil and oil products.

Since October 2011, the Russian government launched the new export-duty system to raise the duties on oil exports. But, up to now, the new system fails to "make loss level with new revenue" as expected, leading to a total decrease by USD 1.6 billion in its financial budget revenue.