Putin Signs Law To Narrow Russian Urals Crude Discount To Brent

Russian President Vladimir Putin has signed into law amendments in the tax code in the energy sector which will narrow the discount of Russia’s flagship Urals crude to Brent to $20 per barrel from September from a $25 discount now. The amendments in the tax code will also halve the subsidies to Russian refineries as of September 2023 to the end of 2026. The halved subsidies to refiners will allow Russia’s budget to save $326 million (30 billion Russian rubles) in expenses per month, according to Finance Minister Anton Siluanov. The…