The President of Russia has limited the minimum cost of Russian oil exports
Russian oil companies will have to sell oil at higher prices. The corresponding law on changing the parameters of tax collection from oil companies was signed by the President of the Russian Federation Vladimir Putin.
In accordance with the signed law, some parameters of taxation of oil companies are being changed in Russia. Thus, the minimum cost of exporting Russian-made oil abroad will be limited. This is planned to be achieved through the upper limit of the discount to Brent, which is considered as a benchmark in the global market.
- writes "Interfax».
The law will come into force on April 1, 2023. But if a Russian company cannot sell oil at high prices, it will have to pay taxes in accordance with the established price, not the actual price. In this case, the mineral extraction tax (MET), value added tax (ATD) and reverse excise tax are implied.
Now the Ministry of Finance of the Russian Federation uses the average price of Urals as the parameters of fees in the calculations of the independent pricing agency Argus. But due to sanctions restrictions, this parameter has dropped to $50 per barrel. Meanwhile, the Russian budget is based on oil revenues of $70,1 per barrel. Therefore, it is necessary to raise revenues from oil exports in any case.
Information