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Exclusive: Dark oil: Loophole lets Russian refiners dodge duties


REUTERS - Two Russian refiners are avoiding export duty on fuel oil and vacuum gas oil by re-naming them as an oil product that is exempt from the charge, according to a Reuters analysis of customs and refining data, and four industry sources.The practice takes advantage of a loophole in customs rules and has this year saved the refiners tens of millions of dollars which would otherwise have gone into the state budget, according to the government data and sources. Novoshakhtinsky and Mariysky refineries shipped a total of 2 million tonnes of reclassified fuel in the first nine months of this ...

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First Published: Fri, December 01 2017. 23:18 IST