The amount of duty on oil exports from the Russian Federation will be 61.2 USD per ton from 1 st of April
2022, as the Ministry of Finance announced yesterday. This is 2.9 USD higher than the current March
rate. The Ministry of Finance explained that the new amount of duty is determined based on the
average price of Urals oil for the monitoring period from 15th of February to 14th of March at 95.6 USD
per barrel (91.7 USD a month earlier), or 697.8 USD per ton. Due to the military operation in Ukraine, a
number of importers are now refusing to buy Russian oil - as a result, the price differential for Urals to
the benchmark Brent grade at auctions in Europe last week reached a record 25-28 USD per barrel. That
is, for example, at a price of Brent above 110 USD per barrel, Russian oil was bought only at 85 USD.
