Russia Will Cut Oil Export Tax to 60% in 2012, Vedomosti Says

Russia will cut its oil export tax from 65 to 60 percent in 2012, and may reduce it further to 55 percent in 2014, Vedomosti reported, citing a Ministry of Energy document.

Russia also plans to reduce export taxes on refined oil products to 66 percent next year and to 60 percent in 2014, Vedomosti said.

(Source: http://www.bloomberg.com/news/2011-02-22/russia-will-cut-oil-export-tax-to-60-in-2012-vedomosti-says.html)