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Duma passes bill on new oil customs duty formula
RBC, 21.11.2008, Moscow 16:01:32.The State Duma has passed a bill amending the procedures for monitoring oil prices. Changes will be made to a law on customs tariffs and thereby reduce the period allotted for monitoring crude oil prices performed by the Russian government to set import customs duties. The law sets the timeframe for monitoring crude prices on global oil markets (Mediterranean and Rotterdam) from the 15th of each calendar month through the 14th of the following calendar month, beginning October 15, 2008. Moreover, the law curtails the effective period of import customs duties on crude oil and certain oil products to one calendar month. The new rate of customs duty will come into force as of the 1st of each calendar month following the end of the monitoring period. The law also stipulates that the Russian government's decisions on changing import customs duties should be published no later than one day before their effective date.
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