Brent Crude (...+0.38%
F WBS+0.01%
Russian gov't proposes Urals tax discount reduction
Deputy Finance Minister Alexei Sazanov said on Friday during a State Duma Committee on Budget and Taxes meeting that the government has proposed for the Urals oil tax discount to be reduced from $25 to $20 starting September 1, 2023.
It was previously reported that the price of Russia's benchmark oil has exceeded the Group of Seven's (G7) ceiling, implemented back in December 2022 in an effort to cut off Moscow's sources of profit.
As pricing agency Argus Media will no longer be providing CIF (cost, insurance, freight) Urals oil quotes, used when calculating the MET (mineral extraction tax), the EPT (excess profit tax) and the export duty on oil, from January 1, 2024, Russia is planning to switch to its own national price index in order to calculate these taxes and duties, Sazanov stated.