Iran war drives up Russia’s oil tax base as Urals crude export prices hit highest level in over two years

Golden Ten Data reported on May 14 that the war in Iran has brought further advantages to Russia. The taxable price of Russian Urals crude export blend reached its highest level since October 2023 this month. According to data from the Russian tax authorities, the Ministry of Finance will calculate the May taxes for oil producers based on an average Urals crude price of $94.87 per barrel and an exchange rate of 76.938 rubles to 1 US dollar. This amounts to nearly 7,300 rubles per barrel, an increase of 18% compared to last month and 60% compared to the same period last year.