Deputy head of Mifin Sazonov allowed the use of over-the-counter quotations of SPIMEX to determine the price of Urals
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State Secretary – Deputy Minister of Finance Alexei Sazonov said that the agency is ready to use over-the-counter quotations of the St. Petersburg International Commodity Exchange (SPIMEX) to determine the price of Urals oil. According to him, the Ministry of Finance takes into account the insufficient liquidity of exchange trading.
In order to prevent a decrease in budget revenues, Mr. Sazonov said, at the initial stage, over-the-counter indicators of the SPIMEX can be used in parallel with other quotes. “If over-the-counter quotes are representative and provide the budget revenues that we plan, then, of course, over time this is possible,” he told reporters (quoted by TASS).
At the same time, Alexey Sazonov added that transactions with related parties could potentially distort the quote. In this regard, the Ministry of Finance proposes to exclude transactions with affiliates when determining the price of Urals, taking into account OTC quotations of SPIMEX.
SPIMEX has repeatedly proposed fixing the methodology for calculating mineral extraction tax, export duties, and other obligatory payments based on data on concluded transactions on an over-the-counter basis. The Ministry of Finance promised to consider this possibility in the first quarter of 2023.
In April, a law came into force in Russia on a new methodology for determining the price of Urals oil when calculating taxes on the extraction of minerals (MET) and on additional income from the extraction of hydrocarbon raw materials (ATD). According to the law, when calculating duties, the discount on Urals is limited. If in April the discount of Urals is more than $34 from the average price of Brent, then the MET and AIT are calculated based on the cost of Urals with a discount of $34 from Brent, in May the discount will be $31 from Brent, in June – $28.
About oil and gas revenues of Russia – in the material “Kommersant” “Make it to the base”.
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