Putin signed the law on limiting the discount on Urals
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Russian President Vladimir Putin signed a law according to which, from April 1, the discount on Russian Urals oil in relation to Brent is limited for calculating oil taxes. The document was published on the official Internet portal legal information.
The bill was submitted to the State Duma on February 11. He assumes that Urals will be pegged to Brent to calculate taxes, and a fixed discount will be deducted from the value of the reference brand. The discount is expected to gradually decrease: from $34 per barrel in April to $25 per barrel from July.
In addition, the law increases the price differential for calculating the damper for gasoline from $20 to $25 per barrel. A price differential is also being introduced when calculating the damper for diesel fuel: from April 1, the limit will be set at $10 per barrel. Deputy Finance Minister Alexei Sazanov saidthat the law will save 600 billion rubles in the Russian budget.
For more information on how the cost of Russian oil will be calculated, see the Kommersant FM article. “Discounts are adjusted manually”.
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