Russia raises oil export duties to $21.40/ton, as crude prices hike

Russia’s Finance Ministry announced on Tuesday that the oil export duty is set to increase to $21.40 per ton, around $2.92 per barrel starting in September, as the state tries to lift oil-derived income as oil prices rise.

The move comes as the Russian state aims to boost its oil-derived income in light of rising oil prices. In fact, Russia has managed to sell much of its oil above the oil price cap set by the G7 nations.

Russia’s additional income from oil and gas sales is expected to reach $8.1 billion above baseline due to higher prices, according to Maxim Oreshkin, economic advisor to President Vladimir Putin.