Russia reduces oil export duty rate by 12%

The Russian Government has posted on its official website the new approved rates of export customs duties on crude oil and some oil product grades exported from the territory of the Russian Federation and the Customs Union members, effective as of July 1, 2012.  
The new rates will be down 12% month-on-month, or by $ 50.5 – to $ 369.3 / ton from $ 419.8 / t in June.