MOSCOW, April 19. /TASS/. Russia’s State Duma (lower house of parliament) has passed amendments to the law ‘On custom duty’ that will enable the Finance Ministry to limit the amount of Urals discount to Brent in calculating the export duty in the second and third readings.

According to amendments, in calculating oil export customs duties not only the average Urals price on the global markets (Mediterranean and Rotterdam), but also the North Sea Dated on the North Sea market should be taken into account. It is suggested that the monitoring of the North Sea Dated price will start on April 15.

North Sea Dated is Argus’ quotation based on the price of five North Sea grades of oil, including Brent.

The amendments will permit limiting the amount of Urals discount to Brent (North Sea Dated) if it surpasses the indicative value. From April 15 to May 14, 2023, it totals $204.4 per ton (around $28 per barrel), whereas from May 15 to June 14, 2023, it will amount to $182.5 per ton (around $25 per barrel).