New tax regulations on overseas shipments, based on customs data, are to be introduced in Russia. It is estimated the planned changes could cost fuel oil exporters up to $1 billion per year.

The new rules come into effect on September 14, 2020. It will close a loophole that has previously allowed exporters to avoid export duties, for example by passing off fuel oil and other heavy refining products as duty-free products such as heavy oil residue.

Last year exporters could have earned an extra $1 billion by exporting more than 12 million tonnes of products using the loophole.

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11th September 2020