Russia changes Ural oil price calculation for taxes — law
Russia used before the maximum oil price chosen among the discount against the Brent or the price in Russian ports multiplied by the cost of transportation to Europe (the notional value of $2) when calculating oil prices
MOSCOW, November 29. /TASS/. Russian President Vladimir Putin signed a law revising the procedure of computing the oil tax for taxation purposes.
The document was posted. TASS reported earlier, citing a copy of the document with initiatives, that the Russian Finance Ministry suggested computing the oil price for taxes as the sum of the weighted average oil price of Urals FOB Primorsk and Urals Med Aframax FOB Novorossiysk multiplied by the factor of 0.78, and the ESPO blend FOB Kozmino price multiplied by the factor of 0.22.
Russia used before the maximum oil price chosen among the discount against the Brent or the price in Russian ports multiplied by the cost of transportation to Europe (the notional value of $2) when calculating oil prices.