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. Last Updated: 07/27/2016

Oil Export Duty Rises

MOSCOW -- The government on Aug. 1 will raise the duty on oil exports from 27 euros ($25.34) per ton to 34 euros if world oil prices go above $29 per barrel, Prime-Tass quoted Deputy Prime Minister Viktor Khristenko as saying Monday.

The duty on fuel oil would be increased from 12 euros to 20 euros per ton while duties on natural gas exports would not change, he said.

The nation exports about 115 million tons of oil a year. The rise in duty should therefore add 325 million euros ($305 million) to 650 million euros to this years state budget. The annual budget is $26.7 billion.