Russian Deputy Finance Minister Alexei Sazanov conveyed that the State Duma approved the government’s proposed adjustments, and the plan aims to reduce the discount applied to Urals crude when compared with Brent, moving from $25 to $20 per barrel. The change is slated to take effect on September 1 of this year. Sazanov spoke to reporters during a session of the State Duma Committee on Budget and Taxes, with the details relayed by TASS. He explained that the adjustment targets the pricing used in calculating the mineral extraction tax and the hydrocarbon export tax. The goal is to narrow the gap between Urals and Brent for fiscal calculations and public revenues while preserving orderly market dynamics. Within the current framework, the maximum permissible discount is expected to remain capped at $25, a point reiterated by Sazanov during the committee discussion.
Earlier, Bloomberg cited Argus pricing data indicating that export-grade Urals oil loaded at the port of Novorossiysk traded around $60 per barrel, precisely $59.98, a level close to Western-imposed price caps. Analysts noted that these prices have not yet been deemed violations, and Western buyers and suppliers continue to move oil through established routes. The numbers highlight the tension between market pricing for Russian crude and the sanction-driven caps intended to moderate revenue from the main export streams. The ongoing discussion among market observers, energy consultancies, and international policy circles focuses on how price discipline and sanctions interact in a geopolitically sensitive energy market.
Meanwhile, former officials from the Russian Ministry of Finance have highlighted the tax burden borne by resource-based sectors of the economy. Observers are examining how the discount strategy for Urals could influence the effective tax take and the fiscal balance in regions rich in natural resources. The broader fiscal framework is under review as the government seeks to align revenue collection with market signals and global price movements. While exact figures may change as policy reviews proceed, the central theme remains clear: pricing adjustments tied to benchmark comparisons are meant to stabilize budget planning, forecast tax receipts, and support macroeconomic objectives over the current and upcoming fiscal years. The policy debate continues to unfold in Russian financial circles, with implications for state revenue, corporate planning, and the broader energy sector landscape, as reported by official channels and market briefings alike.