The Russian oil exporters can get compensation of up to $150 million due to delays in duty reduction

The Russian oil exporters can get compensation of up to $150 million in connection with the fact that the decision about export duty reduction only came into force from February. The suggestion about the granting of compensation to the oil companies that paid higher duties than expected in January was signed by the Deputy Minister of Energy, K. Molodtsov and brought to the Cabinet of Ministers.

Being the world largest fuel exporter, Russia calculates oil and oil products duties every month using the formula based on the average oil price. However the Ministry of Economy Development calculated and published the parameters of the January export duties not taking into account tax manoeuver presupposed from 2014, because in December, at the time of the publishing of the rates, they did not have the legal execution of the measures of the tax manoeuver presupposed by the federal budget. The corresponding verdict was agreed by the Government on January 3rd.