15.09.08

Russia should set its crude export duty at least once a month so that the government can react faster to changes in global oil prices, Vedomosti reported, citing the head of the Federal Anti-Monopoly Service.

Exports of oil products should be taxed at 80 percent of the crude export duty, compared with the current rate of 35 percent for heavy oil products and 70 percent for light oil products, the Moscow-based newspaper also cited Igor Artemyev as saying.

Russia revises its export taxes on crude and oil products every two months based on the previous two-month average price for Urals, the country’s benchmark export blend.

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Source: "St.Petersburg Times" / Bloomberg