April 19, 2010
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Russia Extends Tax Breaks on Siberian Crude

Russia is extending the zero-rate export duty for 22 East Siberian until the end of May, Deputy Finance Minister Sergey Shatalov said today. “It looks that way”, he said, answering a question on the issue from journalists.

The zero-rate export rate was introduced on December 1, 2009 for 13 East Siberian fields. In mid-January 2010, the rate was extended to cover 22 oil fields. The rate has been set to zero on a monthly basis at the same time export duties for crude and oil products are set.

The Finance Ministry has questioned the justification for the zero-rate duty due to the losses the ministry says the federal budget is suffering because of it.

RIA Novosti reports that the Financen Ministry believes the zero-rate duty for the 22 fields will cost the budget 120 billion rubles this year.  

On the other hand, Energy Minister Sergey Shmatko said the zero-rate is needed on a long-term basis for East Siberia, though he said it should be subject to monthly regulation.

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