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. Last Updated: 07/27/2016

Crude Export Tariffs Hiked

The government raised oil export tariffs to $26.20 per ton from October from the current $21.90 per ton on Friday because of oil price growth over the last two months.

Deputy Prime Minister Alexei Kudrin said the commission for protective measures in foreign trade, a panel that drafts resolutions on crude oil export tariffs every two months, made the decision. The commission, headed by Kudrin, who is also finance minister, will submit its decision to Prime Minister Mikhail Kasyanov for technical approval and then be officially published, becoming effective one month later.

The government sets crude oil export tariff rates every two months as a percentage of the customs dollar value of Urals, Russia's main crude oil export blend.

The Finance Ministry said last week that the average price stood at $25.25 per barrel in July-August -- equivalent to $185 a ton.