Bloomberg Tax
Feb. 9, 2023, 2:22 PM

Russia to Set Oil Price for Tax Purposes at Smaller Discount (1)

James Herron
James Herron
Bloomberg News

Russia is poised to change the way it assesses the price of its key export crude in oil-tax formulas, setting it at a narrower discount to Brent as the government tries to boost revenue amid Western sanctions.

For tax-assessment purposes the price of Urals crude — Russia’s main export blend — will be priced at a discount to Brent of $20 or $25 a barrel, according to people familiar with the matter, who asked not to be named because the decision isn’t public yet. In January, the discount as assessed by Argus Media was close to $35 a barrel.

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