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MOSCOW, April 12 (Reuters) - The price spread between
Urals crude oil and the Brent crude benchmark has been narrowing
gradually, Russia's Interfax news agency reported Deputy Finance
Minister Vladimir Kolychev as saying on Wednesday.
The agency also quoted Kolychev as saying that it could be
necessary to lower the fixed level of the Urals discount to
Brent. The discount is used in calculations for oil taxes
including mineral extraction tax and excise duties.
In February Russia adopted a law fixing the Urals discount
to the Brent benchmark as the government sought to address a
widening budget deficit in the face of Western sanctions.
The law set the maximum discount for tax calculations at $34
a barrel in April, falling to $31 in May, $28 in June and $25 in
July.
(Reporting by Vladimir Soldatkin
Editing by David Goodman)
@vsoldatkin;))
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