Finance Ministry may mull Urals price change for taxation in Q1

MOSCOW, Nov 14 (PRIME) -- The Russian Finance Ministry will continue to use the current Urals prices to calculate the export duty and the mineral taxes but will consider switching to other quotations in January–March, the ministry said in a statement on Monday.

"We will continue using this price to calculate taxes and duties in 2023. The Finance Ministry, the Energy Ministry, the Economic Development Ministry and the oil companies will discuss feasibility of the use of different rates in the first quarter of next year," the statement read.

International pricing agency Argus introduced a new Russia's Urals oil price assessment system in October, based on the fob terms (Russian ports) rather than cif (European ports) due to the introduction of an E.U. embargo December 5.

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