The Ministry of Finance gave a preliminary estimate of the budget of Russia in February

DISCOUNT REDUCTION

Now the price of Russian oil is calculated on the basis of data from the Argus agency – quotations in European ports of destination (Rotterdam in the Netherlands and Augusta in Italy). In February 2023, the average cost of Urals was $49.56/bbl, the Ministry of Finance reported on March 1. In January it was $49.48/bbl, in December – $50.47/bbl. The average Brent price in February was $83.5/bbl, in January – $83.91/bbl, in December – $81.61/bbl. Thus, the discount of Russian oil in January-February was at the level of $34 against $31 in December. But since, due to sanctions, the structure of Russian oil supplies has changed dramatically, shifting in favor of Asian buyers, Urals quotes in European ports from Argus turned out to be irrelevant.