Oil price monitoring period reduced in Russia

Russian President Dmitry Medvedev has signed into law amendments to existing federal legislation on customs tariffs. The document was adopted by the State Duma on November 21 and approved by the Federation Council on November 26, the Russian leader's press office reported today according to RBC.

The new law reduces the oil price monitoring period used for calculating oil export duties from two months to one, setting it between the 15th day of each calendar month and the 14th day of the following calendar month, starting October 15, 2008. The law also reduces the effective period of export duties for crude oil and certain types of oil products to one calendar month, and stipulates that these duties become effective from the first day of the month following the monitoring period.

Source: Portnews