June 21, 2018 / 10:47 AM / a year ago

Russian government approves gradual cut in oil export duty, increase in MET

MOSCOW, June 21 (Reuters) - The Russian government has approved changes in oil taxes that will see oil export duty being gradually cut over the next six years, Deputy Prime Minister Dmitry Kozak said on Thursday.

Under the proposed changes, yet to be reviewed by the Russian lawmakers and signed off by President Vladimir Putin, the mineral extraction tax (MET) will be gradually raised to offset lower oil export duty. The rise in MET will stop by 2021.

Russian companies which have upgraded their refineries, as well as companies hit by Western sanctions, will be eligible for subsidies to their refineries via a “negative excise tax”, Kozak told reporters after the government meeting. (Reporting by Polina Nikolskaya; Writing by Katya Golubkova; Editing by Mark Potter)

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