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Law concerning the establishment of a base oil price for defining tax deductions for mineral extraction

April 27, 2023

The President signed a Federal Law on amending articles 342–6 and 343–2 in Part 2 of the Tax Code of the Russian Federation and Article 21 in the Law of the Russian Federation on Customs Tariff.

This Federal Law establishes a base oil price to define tax deductions in the mineral extraction tax on the extraction of dehydrated, desalinated and stabilized oil.

Under the Federal Law, in establishing formulas for calculating export customs duties on crude oil and some categories of oil products, the Government of the Russian Federation shall take into account the average price of North Sea Dated crude on the North Sea market.

Periods shall be established for monitoring prices on Urals crude on world crude markets (Mediterranean and Rotterdam markets) and North Sea Dated crude on the North Sea market.

In addition, a procedure shall be established to determine the average price of Urals crude in the world crude markets if the average price on the said markets is below the average price of North Sea Dated crude on the North Sea market.

April 27, 2023