Gov't approves new taxes on oil exports

The Russian government will introduce new customs taxes on oil exports to countries beyond the Customs Union on June 1, 2003. Russian Prime Minister Mikhail Kasyanov signed a corresponding ruling on May 16, 2003, the department of government information reported.

The oil export tax will drop from $40.3 to $26.8 per ton and on oil products from $36.3 to $24.1 per ton. The customs tax on liquid gas exports will decrease from $36.3 to $24.1 per ton.