Russia's State Duma passes draft law canceling MET reliefs for ultra-viscous oil

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AK&M 01 October 2020 20:05

The State Duma of Russia has passed in the third and final reading the draft law on amendments to article 3-1 of the Russian law "On Customs Tariff" (on canceling the special formulas for export customs duty rate calculation), according to the lower house of the Russian Parliament.

The law precludes the use of special formulas for export customs duty rate calculation in respect of crude oil with in-situ viscosity of at least 10,000 millipascal-second, as well as crude oil with special physical and chemical properties.

To keep the development of the related fields economically viable, the draft law allows companies using the subsoil resources to pay the EPT on the production of hydrocarbons.