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. Last Updated: 07/27/2016

Davydov Calls for 1996 Cuts in Oil-Export Duties

Foreign Trade Minister Oleg Davydov has called for sharp cuts in oil export duties from Jan. 1, 1996, Interfax reported.

The announcement was made at the signing Wednesday of an agreement between oil manufacturers and exporters.

Export duties are currently set at 20 Ecus per ton and are scheduled to reach 17.6 Ecus at the end of the year.

But, simultaneously, the government plans to triple the domestic excise tax, which experts said will override the cuts.