ST. PETERSBURG, June 15. /TASS/. Russia’s Urals benchmark based on the St. Petersburg International Mercantile Exchange’s (SPIMEX) over-the-counter (OTC) indices may be used for calculating the amount of taxes in the oil sector as early as this year, SPIMEX President Aleksey Rybnikov told TASS on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"It may start working as early as this year. From the technical viewpoint we are fully ready," he said.

The decision on using the benchmark has been taken already, Rybnikov added. "As far as I understand they are currently readying a draft of amendments where the issue is about [revision] of damper among other things," he noted.

Russian State Secretary, Deputy Finance Minister Alexey Sazanov said on Wednesday that the bill suggesting that the Russian Urals benchmark based on SPIMEX’ over-the-counter indices would be used for calculation of taxes in the oil sector might be submitted to the State Duma (lower house) in early July. The SPIMEX’ OTC indices may only be used as one of quotations for calculation of the mineral extraction tax, the excess-profits tax and the export duty, Sazanov added.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is theme of this year’s forum. TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation. In line with tradition, Russian President Vladimir Putin will address the plenary session of SPIEF on Friday.