The Federation Council supported Russia’s law to limit the discount on Ural oil exports, with reference to the North Sea Brent from April 1 to calculate oil taxes. information about it published on the law enforcement website.
The document will limit the Urals deduction to Brent when calculating the extraction tax (MET), additional income tax (ATD) and negative excise tax on oil. To calculate taxes, the Urals price will be tied to Brent and a fixed discount will be deducted from the cost of the reference mark, which will be gradually reduced.
According to the novelty, if in April the Urals price is more than $34 per barrel cheaper than Brent, then for tax purposes the price of the Urals will be fixed at minus $34 Brent. In May, the price of Russian oil will be determined at a discount to the reference value of $31 per barrel, from June to $28 and from July to $25.
Authorities are trying to mitigate the impact of the Ural price cut to Brent on budget revenues. The 2023 budget is based on the Urals cost of 70.1 USD per barrel.
Press service of the Ministry of Finance last week disclosure The average cost of one barrel of Ural for the period from January 15 to February 14, 2023. Export raw materials were traded at $ 50.51.
enters into force on 5 December entry An agreement between the European Union, the G7 countries (England, Germany, Italy, Canada, France, Japan and the USA) and Australia on the ceiling price of Russian oil of $60 per barrel. from February 5 acquired US$100 per barrel price cap for Russian petroleum products sold at a higher price than crude oil (e.g. diesel and kerosene). For discount traders (for example, for naphtha and fuel oil), the ceiling was $45.