Tax quirk sees Russia buy diesel from China and South Korea
Friday, 15 May, 2020, 19:15
Rare cargoes of diesel from China and South Korea have started to arrive in Russia due to a quirk in Russia's tax system which is making fuel shipments from abroad more profitable, data from traders and Refinitiv Eikon showed on Thursday.
Because of a local tax scheme, Russian oil firms are due to make higher payments to the government despite a slump in oil prices due to excess supplies and the economic fallout from the coronavirus pandemic.
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