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Russia can change to domestic index in oil tax calculations — Finance Ministry

"We will progress to a Russian non-exchange index increased by $4 a barrel; this reflects the cost of supply," Aleksey Sazanov added

MOSCOW, July 14. /TASS/. Russia can change to a national non-exchange index when computing taxes for the oil sector since 2024, Deputy Finance Minister Aleksey Sazanov said on Friday.

Taxes are being calculated so far on the basis of the Urals price calculated by the Argus agency on the CIF basis in European ports, Sazanov said. However, Argus will stop posting this price since January 1, 2024, he noted.

"We will progress to a Russian non-exchange index increased by $4 a barrel; this reflects the cost of supply. And to the calculation of the Brent minus $20 [for the Urals] from September 1, 2023," the official said.

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Finance Ministry

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