Russia May Raise Export Duties on Crude Oil and Oil Products by 13.7%

The customs duty on exports of crude oil and oil products from Russia to countries which are not signatories of the agreement on customs union needs to be increased by 13.7%, from USD 26.2 to 29.8 per tonne. According to the government's press department, this decision was taken on Tuesday at a meeting of the government commission on protective measures for foreign trade and customs policy. The meeting was chaired by Russian Deputy Prime Minister Alexei Kudrin.

The commission also decided to significantly lower import duties on 26 kinds of technological equipment which are not produced in Russia. The reduced duties mainly apply to equipment for the metallurgy, food and medical industries, including reductions on brewing equipment.

According to Alexei Kudrin, the reduced customs duties will enable the Russian economy to develop and will help increase the competitiveness of domestic products, with only a relatively small fall in government revenues.

The government's press department underlined that the commission's decision is only a recommendation, and that it will come into force one month after Russian Prime Minister Mikhail Kasyanov signs the corresponding order.