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MOSCOW, Feb 23 (Reuters) - President Vladimir Putin on
Thursday signed a law fixing the discount on Urals crude oil for
tax calculations, according to a document posted on the Russian
government's website.
The law, passed by parliament last week, changes the oil
price assumptions that Moscow uses to calculate its
multi-billion rouble tax levy on oil exports, as it scrambles to
cover a widening budget deficit due to Western sanctions.
The government said last week that the change would
boost the state budget by 600 billion roubles ($8.2 billion)
this year, but analysts said it would
not be significant
in narrowing the deficit.
Russia relies heavily on taxes on its oil and gas
exports for its day-to-day spending, but revenues have fallen
amid a European Union embargo and G7 price cap on Russia's crude
and oil product sales.
The law sets the maximum discount for Russia's Urals
blend compared with Brent crude for tax calculations at $34 a
barrel in April, falling to $31 in May, $28 in June and $25 in
July - in effect not far from current market prices for Urals
crude.
(Reporting by Reuters)
