Russia To Double Duty On Crude

Russia will more than double its duty on crude oil exports, boosting revenue from higher world prices as it scraps an export tax on steel to help domestic producers that have been hurt by US sanctions, a government commission has said. The country's oil exporters will have to pay $20.40 per ton ($2.80 per barrel) of crude as of June 1st, a surge from $9.20 a ton, said Gennady Yezhov, spokesman to Deputy Prime Minister Alexei Kudrin, who chairs the commission. The government will have to set a date to scrap the five percent duty on steel, he said. “The final decision will be taken by a government meeting,” he said. “The commission makes recommendations to the government.” Russia sets oil export duties based on an average price for the nation's Urals blend of oil during each two month period. Urals' price for delivery to northwestern Europe has risen by twenty three percent since the beginning of March, averaging $23.21 a barrel.