Russia has reduced the export duty on oil

According to the ruling of Russian government № 876 (26 November, 2008) the amount of export duty on oil will be $192.1 per ton. Duty on light oil products will be $141.8 per tonne, on dark – $76.4 dollars per tonne.

This ruling will protect Russian oil exporters from the crisis in the oil market. Earlier, the export duty on oil was $287.3 per tonne, the rate of duty on light oil products amounted to $205.9 per tonne, on dark – $110.9.

Tax holidays for russian oil

The State Duma passed a law creating tax conditions for developing the economy of Russia. For oilmen lowered the tax burden on oil. It is the introduction of zero rate tax on mineral extraction (NDPI) to the oilfields with reserves of oil difficult.

Tax holidays are imposed for a period of 10 to 15 years depending on the region and the degree of depletion or deposit before reaching accumulated volume of oil production to 35 million tons of subsoil plots, located north of the Arctic circle within the boundaries of internal sea waters and territorial sea and continental shelf of Russia.

As a result of tax on oil will take at prices ranging from 15 dollars a barrel (before that – 15 dollars per barrel).