Russia will increase oil export tax

The Russian Ministry of Finance said on the 15th that starting from September 1, the Russian oil export tax will be raised from the current 438.2 US dollars per ton to 444 US dollars, an increase of 1.32%. This is because the Russian government has again raised the export tax again since July and August this year, when it lowered the oil export tax continuously.

Russian Finance Minister Alexander Sarkovi said to the media on that day that between July 15 and August 14 this year, the average export price of Russia’s “Ural” brand oil was US$112.455 per barrel. According to the Russian oil export tax calculation formula, the Russian oil export tax levy should be raised to US$444 per tonne from next month. He also stated that Eastern Siberia’s oil exports continue to enjoy preferential export tariffs, and the oil export tax per ton will be raised from the current US$201 to US$205.1 starting next month.

Russia’s export tax on light and heavy petroleum products will also be adjusted upwards next month. Among them, the export tax for light petroleum products will be raised from 293.6 US dollars per ton to 297.5 US dollars, and the export tax for heavy oil products will be raised from 204.6 US dollars per ton to 207.4 US dollars.

Russian oil export tax is adjusted once a month. In accordance with the procedures, the adjusted oil export tax collection standards need to be formally approved by the Russian government at the end of this month.