Encoded Export

The Customs Union has suspended duty-free export of Russian oil

While Russian officials continue to discuss the feasibility of maintaining a zero export duty on oil produced from the fields of Eastern Siberia, the preferential regime for the export of raw materials is no longer in effect. The fact is that, by decision of the customs commission of the union state, “black gold” from discount deposits is assigned a new code, which, although it differs from that specified in the resolution of the Russian government by only one digit, nevertheless legally makes it impossible to export at a zero rate.

On January 1, a new customs nomenclature began to operate in Russia as part of the creation of a single economic space with Belarus and Kazakhstan. According to Interfax, Russian oil produced at 13 East Siberian fields also had to change the code. By decision of the customs commission dated December 19 (came into effect on January 19), “black gold” was assigned the number 2709 00 900 2 according to the Commodity Nomenclature of Foreign Economic Activity. Let's make a reservation that under the new code it will be possible to export oil from not 13, but from 22 objects - Vankorsky, Yurubcheno-Tokhomsky, Talakansky, Alinsky, Srednebotuobinsky, Dulisminsky, Verkhnechonsky, Kuyumbinsky, North Talakansky, East Alinsky, Pilyudinsky, Stanakhsky , Verkhnepeleduysky, Yaraktinsky, Danilovsky, Markovsky, West Ayansky, Tagulsky, Suzunsky, South Talakansky, Chayandinsky and Vakunaysky. However, it turned out that with the change in number, the benefits provided by the authorities to domestic oil workers were also “burned out,” since in the Russian government decree of December 25, 2009, which introduced a zero duty rate on the export of raw materials from these fields, oil was listed under the code 2709 00 900 1 Thus, it will be possible to export “black gold” on preferential terms only after amendments are made to the relevant Cabinet resolution.

Russian oil companies, which are already actively using the preferential regime, were reluctant to comment on the termination of the latter. Thus, TNK-BP and Surgutneftegaz refused to explain the situation, and Rosneft only reported to Vremya Novostei that “exports continue successfully in accordance with the duty established by law,” without, however, specifying the amount of the “legal » collection. However, a source in one of these corporations acknowledged the existence of the problem and expressed hope that it would soon be resolved by the government. However, the Cabinet of Ministers itself does not have a unified position on this issue. Thus, according to some reports, the Ministry of Finance is in favor of abolishing the zero rate. Otherwise, the state budget, according to the head of the Department of Tax and Customs Tariff Policy of the Ministry of Finance, Ilya Trunin, could lose at least 120 billion rubles.

If the standard fee for the export of raw materials is restored, then, according to experts interviewed by Vremya Novostei, this could have a very negative impact on both Russian oil workers and the attractiveness of investments in the domestic oil sector. “When the game has already begun, you cannot change its rules in the process. This policy poses a great threat to the investment climate. In addition, with an average oil price of $70 per barrel, companies risk losing about $5 billion from the restoration of duties,” explained Vitaly Kryukov, leading specialist of the market research department at IFD Capital. Finam Investment Company analyst Alexander Eremin agrees with him: the consequences of the abolition of benefits, according to him, will be much more serious than direct financial losses. “If the decision is made, it will remove incentives for the development of existing fields and the development of new fields,” the analyst noted. However, with regard to potential losses of corporations, the expert is not so pessimistic. In his opinion, losses will amount to 1.5-2 billion in US currency, and then only when the fields reach their designed capacity.

Nevertheless, it is worth recalling that not only direct export income will be under attack, but also existing and future investments. For example, Rosneft alone is going to invest about 100 billion rubles in the development of the Vankor oil and gas field this year. And this does not take into account the capital investments already made in two years amounting to about 200 billion rubles.

As Alexander Eremin believes, the powerful oil and gas lobby, however, will not allow the Ministry of Finance to take away benefits. “The Ministry of Energy traditionally stands on the side of the oil workers, which, for example, last year, when the Ministry of Finance proposed to increase the mineral extraction tax on gas from 2010, prevented this,” the expert recalled.

Petr GELTISHCHEV