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Oil prices drop does not lead to reduction in oil export duties collection — customs

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Russian stock market grows amid a rebound in oil prices

ST. PETERSBURG, February 3. /TASS/. Oil prices fall did not lead to reduction of the amount of oil export duties collected, Ruslan Davydov, Deputy Director of Federal Customs Service said on Tuesday.

"After the oil prices dropped, oil export duties reduced dramatically, but this reduction was compensated by the ruble downturn, which means that the duties collectability has remained at the same level, it actually rose slightly," Davydov reported.

Export duties on oil and petroleum products traditionally give around two-thirds of the payments collected by the Russian customs, he added. In total, the Federal Customs Service transferred around 7.1 trillion rubles ($104 billion) to Russia’s federal budget in 2014, which was a 8.5% higher rate than that of 2013, Davydov reminded.

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