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Government Approve Plan to Reduce Subsidies to Oil Refiners

RUSSIA
  • The government has approved the adjustment of oil taxes, Kommersant report. They plan to reduce subsidies to refiners from September as well as narrow the discount of Urals to Brent when calculating oil taxes to $20 per barrel.
  • Australia has extended its sanctions against Russia, Australia’s Department of Home Affairs told TASS on Thursday. The sanctions that were extended from June 22 for an indefinite period provide restrictions on arms export, a ban on exports of goods and services meant for the use in intelligence and oil production in Russia, and limit access to capital markets in Australia for state-owned Russian banks.
  • President Putin is scheduled to take part in a forum bringing together representatives from the different sectors of the economy titled “Strong Ideas for a New Time”. The central bank will report weekly international reserve data at 1400BST/1600 local time.
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