In February, Russian President Vladimir Putin signed a law fixing the discount on Russia’s main Urals crude for tax purposes.
“Currently, the discount is $25 a barrel on the price of Brent crude… We intend to reduce it to $20 a barrel. We are studying other measures to improve the calculation of taxes on oil exports,” Siluanov said in an interview.
The minister did not give further details about other measures under study, but added that the ministry would raise eight trillion rubles ($88.5 billion) from oil and gas revenues in 2023 based on the current Brent price of around $80 a barrel.
Russia’s revenues from oil and crude decreased by 47 percent on an annual basis in the first six months of this year, which the ministry attributed to the decline in Urals crude prices and the decline in natural gas exports.
Siluanov said the budget deficit would be around 2-2.5 percent of GDP by the end of the year.
“We have sufficient resources to meet the planned expenditures and additional resources will emerge,” he added.
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