Russian Oil Tax Price Jumps 60 Percent Above Budget
The rouble-denominated price of Russian oil used for tax calculations has averaged 60 percent above the budget assumption this month. Middle East conflict and supply disruptions pushed global prices higher, boosting Russian government finances.
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The rouble-denominated price of Russia oil used for tax calculations averaged 8,699 roubles ($103.4) per barrel in the first three weeks of October, rising 11% from September. This level sits 60% above the federal budget assumption, driven by Brent Crude Oil holding above $100 per barrel amid Middle East supply disruptions. The fiscal windfall offers temporary relief to government finances as spending pressures mount.
