As part of the completion of the tax maneuver in the oil industry, the tax on oil exports from Russia will be reset to zero as of January 1, 2024. In this respect reported Ministry of Finance of Russia.
The maneuver is this: since 2019, the customs duty has been reduced by 1/6 of its full value every year until it is abolished in 2024, and in parallel, the mineral extraction tax (MET) is increased by the same amount. This will lead to Russian oil refineries purchasing oil at world prices, while compensation mechanisms will also be provided to oil refiners.
According to the Ministry of Finance, the tax on oil in December 2023 was 24.7 dollars.
In 2024, taxes on light and dark petroleum products and oils, as well as commercial gasoline, naphtha and coke exports will also be zeroed. The tax on liquefied gas (LPG) will decrease from 4.7 dollars to 1.6 dollars, and the tax on pure parts of liquefied petroleum gas will decrease from 4.2 dollars to 1.4 dollars.
Formerly Ministry of Economic Development guess Reduction in demand for oil and gas from the Russian Federation by 2050.