Starting September 1, Russia will adjust its export duty on crude oil, raising it by 4.5 dollars per ton to a total of 21.4 dollars. This move is being communicated by informed officials within the Ministry of Finance, who oversee tax policy and budget planning for the federation. The adjustment reflects ongoing recalibrations to oil taxation driven by market dynamics and fiscal needs at the federal level, with the aim of aligning revenue streams with current price trends and production costs.
For context, the ministry noted that in the monitoring window from July 15 to August 14, the average price of Ural crude stood at 70.33 dollars per barrel, translating to roughly 513.4 dollars per ton. This price environment serves as the basis for tax calculations, ensuring that the per-ton levy mirrors prevailing market values while supporting state revenues. The resulting shift in the oil tax is set to raise the per-ton rate from 16.9 dollars to 21.4 dollars, marking a notable step in the government’s approach to petroleum taxation. Alongside crude, the duty on refined petroleum products is also being revised to reflect similar pricing signals and policy objectives.
Specifically, regional and national tax authorities cited by TASS indicate that the levy on light petroleum products will rise to 6.4 dollars per ton, while the tax on heavier, darker forms of petroleum products will match the crude oil rate at 21.4 dollars per ton. Gasoline taxes will also move up to 6.4 dollars per ton. The levy on liquefied petroleum gas remains unchanged, maintaining its current rate in the tax schedule. These changes are designed to harmonize the taxation of different product streams with current market realities and production costs while providing a coherent framework for budget planning.
The anticipated effect of the higher export tax is dual. It is expected to bolster the Russian budget by generating additional revenue that supports government programs and macroeconomic stability. At the same time, the higher duty may compress export earnings for oil companies, which could influence their financial planning, investment decisions, and operational strategies as they navigate a tighter margin on foreign sales. The net impact will depend on global price movements, production discipline, and the relative competitiveness of Russian crude in international markets.
In related developments, on August 14, officials signaled a move toward licensing for the export of petroleum products, reflecting a broader trend of tightening export controls and better governance of trade flows. The licensing proposal aims to improve oversight, ensure compliance with tax and regulatory requirements, and provide the government with greater visibility into shipments and volumes leaving the country. Observers note that such licenses are part of a broader policy toolkit used to manage supply, stabilize domestic markets, and enhance revenue collection, especially in periods of price volatility.
Previously, discussions in Russia highlighted the ongoing importance of managing the cost structure associated with petroleum products. The government weighs the balance between keeping export revenues viable and maintaining domestic prices that support industry competitiveness, consumer affordability, and strategic energy security. In this environment, fiscal measures like export duties and licensing regimes are positioned as levers to maintain fiscal resilience while guiding the energy sector through fluctuating market conditions.