Russian Oil Taxes Near 18-Year Low Deepen Nation’s Budget Pain

May 15, 2020, 12:01 PM

Russia’s main taxes on crude oil remain near record lows, putting pressure on budget revenue just as the government plans to inject trillions of rubles into the virus-hit economy.

The budget will get some $1.13 for each barrel of oil exported in June, according to Bloomberg calculations based on Finance Ministry data. That’s 22% higher than in May as crude prices recover from last month’s depths. Still, the levy remains near the lowest since 2002 when the current oil-tax mechanism was introduced. The production tax for April may have dropped to an 18-year low, according to Bloomberg calculations.

Russia’s oil-export ...

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