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Putin Signs Law Fixing Urals Discounts

OIL

Putin on Thursday signed a law fixing the discount on Urals crude oil for tax calculations.

  • The law changes the oil price assumptions that Russia uses to calculate its tax levy on oil exports.
  • The Russian government said last week that the change would boost the state budget by 600 billion roubles.
  • It sets the maximum discount for Russia's Urals compared with Brent crude for tax calculations at $34 a barrel in April, falling to $31 in May, $28 in June and $25 in July.

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