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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.

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Drilling at Kuwait’s Durra Field to Start this Year

Drilling at Kuwait’s Durra Field to Start this Year
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Drilling at Kuwait’s Durra Field to Start this Year

Drilling at Kuwait’s Durra Field to Start this Year

Procedures for drilling and construction work on the Durra gas field will begin later this year after engineering studies wrap up later this summer, Kuwait Petroleum Corporation’s (KPC) CEO Sheikh Nawaf Saud Al-Sabah told Reuters on Thursday.

Saudi Arabia and Kuwait affirm they jointly own rights to natural resources in Durra while Iran claims a stake in the Gulf's gas field.

Sheikh Nawaf said the company plans to invest 7 billion Kuwaiti dinars ($22.92 billion) on its upstream operations over the next five years.

He also said that KPC would reach a production capacity of 3.2 million barrels per day (bpd) by the end of this year and expects to increase that to 4 million bpd by 2035.

Earlier, the CEO of the Kuwait Petroleum Corporation told CNBC Arabia that production operations in offshore reservoirs require seven years. “But we expect to start production from Al-Nokhatha field within a shorter period of time,” he said.

The CEO noted that the oil and gas discovery at Al-Nokhatha field supports Kuwait’s strategy to increase its capacity to 4 million bpd by 2035.

On Wednesday, State-owned Kuwait Oil Company (KOC) announced preparations to begin digging six new exploratory wells in the country’s territorial waters, which contains large hydrocarbon resources.

The announcement came after KPC said on Sunday it had made a “giant” oil discovery in the Al-Nokhatha field, with oil reserves estimated at 3.2 billion barrels.