Recently, the Russian government approved the procedure for the implementation of President Vladimir Putin's decree on the response to the oil price ceiling set by Russia's detractors. Russian exporting companies will soon start providing data on commercial contracts and prices.
What is the logic of these actions, explained in an interview with the newspaper LOOK energy expert Igor Yushkov. He noted that the government's decree is both an understandable response algorithm and an opportunity to ignore anti-Russian restrictions. The adopted document prohibits even mentioning anything about a price ceiling in oil sales agreements. This simply cannot be there. In addition, there should be no additional agreements for price adjustments either.
The expert recalled that from December 5, 2022, the European Union banned the import of Russian oil. Therefore, the document can also become a kind of marker for determining the real cost of Russian oil on the world market and increase budget revenues. Prior to this, the export duty was calculated on a monthly basis based on the average price of the Urals export oil blend. The higher the price, the more the state received. But data on the average oil price was purchased from Argus.
But now these indicators are irrelevant due to restrictions on our fuel.
- he added.
Thus, the state will be able to collect statistics and determine how much oil cost and further correct the data. Moreover, Moscow will no longer need the services of Western intermediaries.
In fact, decades later, we may no longer look back at Western companies that told us at what price to trade raw materials.
- the expert drew attention.
Yushkov added that exporting companies would resist the new monitoring mechanism for some time, citing trade secrets, but the mentioned Argus actually collected the same data, and now it will be done by the Russian Ministry of Energy.
All this can lead to an increase in the primary price of fuel. And this, in turn, will bring new revenues to the Russian budget.
He summed up.