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Oil export duty in Russia frozen for 2016

According to the decree signed by Prime Minister Dmitry Medvedev, the rate of export customs duty on oil will be kept for 2016 at the level of 2015 at 42%

© Viktor Drachev/TASS

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MOSCOW, December 1. /TASS/. Russia’s Prime Minister Dmitry Medvedev has signed a decree on freezing the rate of oil export duty for 2016. A respective document was published on the official website of legal mention on Tuesday.

According to the decree, the rate of export customs duty on oil will be kept for 2016 at the level of 2015 at 42%. Earlier it was planned to reduce it to 36%.

As was reported earlier Russia’s Finance Ministry suggested that the oil export duty rate should be kept at 42% for covering budget deficit as this could add around 200 bln rubles ($3 bln) to the budget in 2016.

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