Russia Oil-Export Duties Set to Drop to Zero Amid Tax Overhaul

Russia is abolishing duties on exports of its crude and petroleum products starting next year as part of the planned overhaul of the nation’s oil-tax system.

As of January, duties on crude oil as well as light and dark petroleum products will drop to zero, the Finance Ministry said in a Friday statement.

Russia has been gradually reducing export duties on crude and oil products since 2019, with a goal to fully abolish them by 2024. Budgetary proceeds from the oil-extraction tax have grown proportionately to compensate for the missing export-duty revenues.

Moscow imposed the changes to streamline the ...