The Federation Council approved the law on customs tariffs for crude oil

The Federation Council approved the law on customs tariffs for crude oil


The Finance Ministry believes that budget revenues in case of adoption of the bill will amount to 200 billion rubles.

MOSCOW, 25 Nov. Senators on Wednesday approved amendments to the law “On customs tariff”, which will allow to increase receipts in the budget 2016 200 billion rubles.

The document proposes to retain the current in 2015, the procedure for calculating the rates of export customs duties on crude oil by 2016. In accordance with applicable law, exceeding of the prices for oil Urals in the world markets of oil raw materials level of 182.5 dollars per 1 tonne, on export customs duties shall not exceed the sum of 29.2 us dollar per ton and 42% in 2015, 36% in 2016 and 30% in 2017.

The Finance Ministry believes that budget revenues in case of adoption of the bill will amount to 200 billion rubles.

In addition, the law provides exemptions on customs duties for deposits that fell under American and European sanctions.

In accordance with the provisions of the act, the exemption may continue, provided that the degree of depletion of reserves of each type of hydrocarbon (excluding associated gas) extracted at that Deposit, as at 1 January 2015 is less than 5%, and, in addition, if the license for subsoil use issued not later than 1 January 2009, and the initial natural gas reserves as at 1 January 2014 amount to no more than 170 billion cubic meters.