Export duty on Russian oil to drop by half on June 1

Russian Prime Minister Mikhail Kasyanov signed a decree on May 16 'on the approval of the rates of export duty on crude oil and oil products produced from bituminous rock, and other oil-based products to be exported from Russia to countries which are not signatories of the Customs Union agreement.' As the government press office announced, this document anticipates a reduction in the level of export duty on crude oil from USD 40.3 to USD 26.8 per tonne as from June 1, 2003. Export duty on other oil products to be exported to countries outside the Customs Union will fall from USD 36.3 to USD 24.1 per tonne. Oil products include diesel, other liquid fuels, benzene, toluene, xylene, lubricating oils, refined oil products, propane, butane, ethylene, propylene, petrolatum, paraffin, coke and bitumen.