The government will discuss the change in Urals quotes for calculating oil taxes
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The Ministry of Finance of the Russian Federation intends in the first quarter of 2023 to discuss with the Ministry of Energy, the Ministry of Economy and oil companies the feasibility of switching to another Urals quotation, based on which oil taxes are levied. Since Russian oil will no longer flow to Europe, the Argus agency will no longer be able to estimate the cost of Urals according to quotations in ports of destination (CIF Rotterdam and Augusta). Instead, the agency plans to receive a FOB quote in Russian ports, and the CIF value will be determined by calculation.
The Ministry of Finance told Kommersant that it will continue to use the CIF settlement quotation for the time being. Therefore, to determine the level of oil taxes, for the time being, the “estimated” quotation of the Argus pricing agency based on the European market will be used, although Russian oil will hardly be officially supplied there.
European Union approved an embargo on Russian oil along with the sixth round of sanctions in June. The ban on the supply of oil comes into force on December 5, oil products – on February 5. The sanctions provide for a number of exceptions. Yes, Bulgaria will be able import Russian oil by sea until the end of 2024, and Hungary will be able to receive energy through the Druzhba pipeline.
Read more about the changes and expert opinions in the material “Kommersant” “Oil exports succumbed to FOB”.
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