Russia to introduce fixed oil differentials for taxation to boost state coffers: Sources

Russia's government plans to set a fixed Urals crude oil differential to dated Brent of $20 per barrel for tax purposes, as state oil revenues slumped in January, industry sources said on Friday.

Russia currently uses Urals price assessments in Europe's Rotterdam and Augusta ports, provided by commodity price reporting agency Argus, to determine its mineral extraction tax, additional income tax, oil export duty and reverse excise on oil.

According to Russia's Finance Ministry, the average price of Russian Urals oil in January was $49.48 a barrel down 42% on January 2022.