Feb 3 (Reuters) - Russia may switch to taxing oil
producers based on Brent crude prices rather than the
currently used Urals benchmark, after Western sanctions drove
down the price of the latter, the Kommersant daily said on
Friday, citing sources.
After the G7 grouping introduced a price ceiling on Russian
oil, the gap between Urals, the traditional Russian crude
benchmark, and Brent has widened to up to $40 per barrel, the
paper said.
To avoid excessive damage to budget revenue from lowering
oil taxes, President Vladimir Putin last month ordered the
government to draft proposals on adjusting the tax framework,
and switching to a Brent-based model featuring discounts and
freight costs calculated monthly is the key idea so far, the
daily cited anonymous sources as saying.
The move is certain to increase the tax burden on the sector
and may prompt companies to start cutting output, it added.
(Reporting by Reuters; Editing by Clarence Fernandez)
Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))
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