16:10 GMT +321 March 2018
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    Russia to slash crude export duty to $372 per ton

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    MOSCOW, September 18 (RIA Novosti) - The Russian government will order a cut in export duty on crude oil exports from $485.8 to $372 later this week, the finance minister said on Thursday.

    "Later in the week, the government will approve the decision to reduce customs duties on crude oil and petroleum products as of October 1," Alexei Kudrin said.

    The government adjusts export duty on crude and petroleum products every two months, depending on the price for the Urals blend on world markets.

    Alexander Sakovich, deputy head of the ministry's customs payment department, said the average crude price was $97.297 per barrel for September 1-17 and, therefore, the export duty would reach $372.2 per ton.

    Meanwhile, Kudrin said the cut in the crude export duty from October 1 would enable Russian oil companies and refineries to save a total of $5.5 billion.

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