Russia increases black oil export duties

The export duty on black oil will be raised from 10 to 20 euros per ton. The decision was taken on Wednesday by the government committee on protective measures in foreign trade and customs and tariff policy.

The new duty will come into force in a month after the corresponding government decree is officially published, said the committee's executive secretary, head of the economic ministry's department for tariff regulation Andrei Kushnirenko. He believes it will happen approximately in the middle of September.

Kushnirenko recalled that in the same period last year the black oil export duty was the same due to the necessity to accumulate reserves at thermal power plants for the heating season. The committee approved of the economic ministry's decision to raise the duty, turning down the energy ministry's initiative that insisted on introducing balance tasks for oil processing plants.