Russia will increase its export duty on most crude shipments by 12 percent from April 1, the biggest gain in a year, after Urals prices climbed to the highest level since 2008.
The standard duty will jump to $460.70 a ton, or $62.85 a barrel, from $411.20 a ton in March, according to an order signed Friday by Prime Minister Vladimir Putin. The discounted rate on some eastern Siberian and Caspian Sea oil will rise to $241.50 a ton from $204.40 this month.
The duty for middle distillates and heavy products will rise to $304 a ton from $271.40 in March. A gasoline tax that Putin imposed from May to counter domestic shortages will increase to $414.60 a ton, from $370.10 this month.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
