Russia is planning to change the way it assesses the price of its key export crude in oil-tax formulas, setting it at a narrower discount to Brent as the government tries to boost revenue amid Western sanctions according to people familiar with the matter.

• For tax-assessment purposes the price of Urals crude will be priced at a discount to Brent of $20 or $25 per barrel, sources said.
• Currently the government calculates taxes for producers based on a monthly price assessment by Argus Media. In January, the discount as assessed by Argus Media was close to $35/bbl.
• In January, Urals averaged $49.48 a barrel, the lowest since December 2020, according to ministry data based on the Argus assessment for northwest Europe.
• Vladimir Putin ordered his government last month to prepare a plan for a new way to assess the Urals price used in tax calculations by March 1.