Russia's oil export duty to fall to $89/T in January under new tax regime

MOSCOW: Russia's oil export duty is expected to fall by around 34 percent in January from December to $89 per tonne, as a new tax regime kicks in next year and oil prices decline, the Finance Ministry said on Monday.

This was in line with Reuters calculations made last week.

Russia's export duty for liquefied petroleum gas (LPG) is seen falling to zero.

The Russian government wants to gradually reduce oil export duty to zero in the next five years, while raising the mineral extraction tax.

The level of the duty is calculated by the finance ministry and is based on the monitoring of seaborne Urals crude oil prices.

The ministry made its calculations for the January export duty from prices recorded between Nov. 15 and Dec 14.