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New overseas shipping tax regulations could cost Russian fuel oil exporters up to $1 billion
a year, according to customs data.
Hit by the coronavirus crisis, Moscow has been looking for ways to shore up its treasury, with the oil and gas industry seen as a major source of revenue, accounting for about a third
of budget revenue.
Currently, Russia has introduced new customs rules for fuel exports, which will come into force on September 14, to close loopholes
that previously allowed sellers to avoid high export taxes.
Some exporters have exploited loopholes to disguise fuel oil and another heavy refining product, including vacuum gas oil, as duty-free products
such as heavy oil residues.
Customs data shows that more than 12 million tons of products
were exported by using this method.
Many refineries have high refining margins due
to loopholes.
Export duties on light oil products could rise from $7 to $31 a tonne with domestic oil prices of $47.
5 a tonne at a domestic oil price of $
47.
5 a tonne, Reuters statistics showed.
New overseas shipping tax regulations could cost Russian fuel oil exporters up to $1 billion
a year, according to customs data.
Hit by the coronavirus crisis, Moscow has been looking for ways to shore up its treasury, with the oil and gas industry seen as a major source of revenue, accounting for about a third
of budget revenue.
Currently, Russia has introduced new customs rules for fuel exports, which will come into force on September 14, to close loopholes
that previously allowed sellers to avoid high export taxes.
Some exporters have exploited loopholes to disguise fuel oil and another heavy refining product, including vacuum gas oil, as duty-free products
such as heavy oil residues.
Customs data shows that more than 12 million tons of products
were exported by using this method.
Many refineries have high refining margins due
to loopholes.
Export duties on light oil products could rise from $7 to $31 a tonne with domestic oil prices of $47.
5 a tonne at a domestic oil price of $
47.
5 a tonne, Reuters statistics showed.
