Russia Has Increased Petroleum Export Duty

Since December 1, Russia hikes the export duty on petroleum and mineral oil to USD 29.8 per ton. The decision to introduce the higher rate of export duty was made by the federal government in the beginning of November. It was made on the basis of the results of monitoring of the world petroleum price levels. According to Russia's government, the increase of the of export duty rate will allow to generate USD 30 to 35 million in additional federal revenue.