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Duties on gas and oil exports in Russia will increase — document

The duty will amount to 30% if the gas price is below $300 per 1,000 cubic meters and 50% at a price above $300 per 1,000 cubic meters

MOSCOW, September 22. /TASS/. The export duty on natural gas in Russia will be increased due to the introduction of a differentiated rate, according to the guidelines for budget, tax and custom tariff policy of the Russian Federation for 2023 and the planning period of 2024 and 2025. A copy of the document was obtained by TASS.

The duty will amount to 30% if the gas price is below $300 per 1,000 cubic meters and 50% at a price above $300 per 1,000 cubic meters, the document says.

In 2023-2025, the government expects additional revenues to the federal budget thanks to the adoption of a number of other measures in the oil and gas industry. In particular, the authorities plan to increase the mineral extraction tax rate for natural gas "equivalent to an additional adjustment of gas tariffs by 3 percentage points annually in 2023 and 2024." Also, exporters of liquefied natural gas (LNG) will contribute to additional budget revenues.

The document also implies an increase in taxation of the oil industry.

"Adjustment of the damper in terms of maintaining the adjustment for the price discount and the introduction of an additional coefficient to the export duty (+0.083)," the document says.

An export duty on fertilizers and coal will also be introduced.

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