Russia sets new formula for export duty

The Russian government has approved a new formula for calculating the export duty on petroleum products, and has introduced one for calculating export duties on liquefied petroleum gas (LPG), under a government resolution which contains the relevant percentages for 2011-2013. Export duty on oils products will be equal to a percentage of the export duty on crude oil. The new mechanism is expected to take effect in February 2011. (December 29, 2010)