A new export tax rule in Russia could cost domestic exporters of fuel oil as much as US$1 billion in missed sales every year, Reuters has estimated. Russia is set to enact as of September 14 a new rule on the taxation of fuel oil exports aimed at bringing in additional revenues for the state at a time when oil prices and oil demand took a hit with the pandemic. The new rule would close a loophole that companies have so far used to avoid paying export duty on fuel oil and other heavy oil products by passing off those products as duty-free…
