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.
For more information visit minenergo.gov.ru