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    The taxable price of Urals crude has risen another 18% compared to April

    It has now nearly caught up with the 2023 highs. As a result, according to Russia’s Ministry of Finance, taxes on oil companies for May will be calculated based on an average Urals price of 94.87 per barrel and an exchange rate of 76.938 rubles per dollar.


    That’s 18% above April’s levels—which were already far from low. This is a significant boost for Russia’s 2026 budget.


    Thanks to Trump and Iran.

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