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Oil Tax Changes to Raise $8.1bln of Budget Revenue

RUSSIA
  • The EU is poised to force banks to report information on CBR assets as part of the bloc’s latest sanctions package targeting Moscow for its war in Ukraine, according to draft proposals seen by Bloomberg. European Commission President Ursula von der Leyen said Wednesday that the EU’s new set of sanctions would target EUR11bln worth of goods via trade bans and technology controls, with the package aimed to be adopted next week ahead of the one-year anniversary of the Russia invasion.
  • Bloomberg report that Russia may receive over $8.1bln of additional budget revenue this year from proposed changes in oil taxes, according to a senior official. Proposed measures by the government include limiting the discount of Urals to Brent at $34 a barrel in April, $31 in May and $28 in June.
  • Houses of the Russian parliament, the State Duma and the Federation Council, will hold an unscheduled meeting Feb 22, RIA Novosti reports, one day after Putin is scheduled to address parliament. The meeting will be devoted to the adoption of laws on the legal integration of the annexed regions of Ukraine, RIA reports.
  • Weekly CPI data is on the docket today at 1600 GMT/1900 local time (Prior: +0.26% W/W), while Putin and the government will discuss 2023 tax administration
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