Ministry drafts products duty formula.(Russia & US)(crude oil export duty)(Brief Article)

A Russian tariff commission working group has approved a new product export duty formula, proposed by the finance ministry. If the commission votes for the new procedure, the new duty will come into force in April and will be reviewed every two months. The formula links the product export duty to crude prices as reported by Argus and Platts, setting different rates for dirty and clean products. No duty would be charged if crude prices were below $15/bl. Beyond this level, the duty would be calculated on the basis of the current crude price minus $15, multiplied by 0.32. The resulting figure would then be multiplied by 1.3 to establish a duty level for dirty products and 0.7 for …