Russia to stop using Argus oil price for tax counting from 2024

MOSCOW, Jul 14 (PRIME) – Russia will not use the Urals quotations published by agency Argus for calculation of taxes starting from 2024, Deputy Finance Minister Alexei Sazanov said Friday at a meeting of the committee for budget and taxes.

"Argus will stop publishing the (cost, insurance, and freight) CIF-termed Urals quotations from January 1, 2024,” Sazanov said.

“This is why we will switch to the Russian over-the-counter index plus U.S. $4 per barrel. It reflects the delivery price, and also minus $20 from the Brent quotations starting from September 1, 2023."

The official added that the national over-the-counter index of deals with Russian oil will be used to calculate taxes on oil production.

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