Russia’s Finance Ministry has set its oil export levy at $21.40 per ton starting in September—the highest level this year—as the state tries to lift oil-derived income as oil prices rise, Bloomberg stated on Tuesday. That works out to about $2.92 per barrel. Russia’s budget relies in no small part on money derived from taxes from crude oil. And now more than ever, Russia’s budget is being sapped by its long-running “special military operation” in Ukraine, as well as by Western sanctions, price caps, and…
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