Russia Can Still Profit From Oil’s Gains Even as Sanctions Bite
- April export duty for nation’s crude is highest so far in 2022
- Tax could drop in May if Urals discount grows, oil price dips
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Russia may profit next month from the recent rally in crude prices as its oil-export tax jumps to the highest this year, even amid international sanctions and historic discounts for the country’s key Urals grade.
A barrel of Russian crude or fuel oil exported in April will earn more than $8.30 for state coffers, according to Bloomberg calculations based on data from the Finance Ministry. The monthly duty has grown steadily this year together with oil prices, which earlier in March jumped above $100 amid the worst energy crunch in decades, aggravated by concerns over disruption to Russian flows.