Russia favours higher oil export tariffs and extraction taxes

Apr 28, 2004 02:00 AM

The Russian Federation Council has approved the bill on amendments to article 3 of the law on the customs tariffs and to article 5 of the law on amendments to the Tax Code and on expiration of some other legislative acts of the Russian Federation. 132 senators voted in favour of the bill.
The bill suggests a higher rate for the extraction tax for oil producers and higher crude oil export tariffs. Russian lawmakers voted in favour of the bill on April 23.

The bill imposes a 45 % crude oil export tariff if oil prices average $ 20 to $ 25 a barrel. If oil prices are higher than $ 25 per barrel benchmark, crude oil export tariffs will be 65 %.
Theses amendments will result in higher budget revenues, namely if the benchmark Urals blend averages $ 22 a barrel the budget revenue will increase by RUR 15.6 bn (about $ 538 mm).

If the blend averages over $ 30 a barrel, the budget revenue will add RUR 98.9 bn (about $ 3.4 bn).
If the Urals blend averages less than $ 16 a barrel, this will result in RUR 2.9 bn (about $ 100 mm) decrease in budget revenues.

Source: RosBusinessConsulting
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