Russia’s energy sector hit as Kremlin forced to increase tax

In April, Vladimir Putin changed Russia’s method of taxing oil companies by setting levies based on the Brent crude international benchmark price minus a fixed discount, rather than the price of Urals, the country’s main export crude, which has been trading at a lower price in recent months.

“The tax change they are making is prima facie evidence that their revenues are suffering significantly,” the official said. Brent crude was trading this week at a price of $71.40 per barrel, down nearly 30 per cent compared with a year ago

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