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Putin Approves Discount Of Urals To Brent For Export Duty

OIL

Russian President Vladimir Putin approved on Thursday changes to the law, setting fixed discounts for the price of Urals oil blend to Brent to calculate the export duty, according to the official website of legal information.

  • The discount is fixed at $204.4/t, $28/bbl from April 15 to May 14 and at $182.5/t $25/bbl from May 15 to June 14 and for further periods for calculation of the export duty.
  • Differential of Urals to Brent widened significantly in December after the West imposed price caps of $60/bbl for the Russian oil as part of the wider sanctions over Ukraine, reducing taxable base.

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