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  Economics 
28 of September, 15:17

Russia to raise oil export duty to $240.7 per ton from October 1
Russia will raise oil export duty on its benchmark Urals blend from $238.6 per metric ton to $240.7 per metric ton from October 1, following trends on global oil markets, the government said on Monday.

The corresponding resolution was signed by Russian Prime Minister Vladimir Putin, the government`s web site said.

Duty on light petroleum products will rise to $174.5 per ton from the current $173.1, and duty on heavy petroleum products is to increase from $93.2 to $94 per ton.

Oil export duty has risen steadily this year, increasing every month except April, when if fell to $110 per ton from March`s $115.3 rate.

Last year, the government abandoned its previously accepted bimonthly adjustments of export duties, and from December 1 switched to setting duties for oil and oil products on a monthly basis to respond more swiftly to changes in world oil prices. The duty is set by a formula based on the price of the Russian benchmark Urals blend.

The global financial crisis forced Russia, which receives a large part of its revenues from oil exports, to gradually devalue the ruble amid capital flight and a fall in global oil prices, which declined from their peak of $147 per barrel in July 2008 to around $40 per barrel in early 2009. They have since climbed back to around $70 and the ruble has stabilized at around 30 to the dollar.

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