The new bill specifies the average price of Russian oil Urals for the calculation of the severance tax

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Federal news agency
Federal news agency

The Russian government has developed and submitted to the State Duma a bill that changes the approach to calculating the mineral extraction tax (MET) and additional income tax (ATD).

We are talking about clarifying the average cost of Urals oil on world markets. If in April it turns out to be less than the cost of the North Sea Brent minus $34 per barrel, then for tax purposes the price will be taken as Brent minus $34.

For May, the figure will be Brent minus $31, for June – minus $28, and for July – minus $25.

Russian President Vladimir Putin has previously set a task by March 1 to clarify the methodology for determining prices for oil and oil products, which is used in the taxation of oil companies.

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