Putin signed a law on the calculation of export duties on Urals, taking into account the cost of Brent
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Russian President Vladimir Putin signed a law on limiting the size of the discount on Russian Urals oil to Brent when calculating the export duty. The document was published on the official Internet portal legal information. The new calculation scheme will come into force on June 1.
The law establishes that if during the monitoring period from April 15 to May 14 the average price of Urals is lower than Brent by $204.4 per ton ($26 per barrel), and from May 15 to June 14 and beyond – by $182.5 per ton ($25 per barrel), then in the calculation of the duty for June, the price of Urals will be set as Brent minus $204.4, and from July – Brent minus $182.5. If the price of Urals is higher than these values, then it will be accepted for calculations.
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.
Read more about the new scheme for calculating export duties – in the material “Kommersant” “The budget says goodbye to Urals”.
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