Putin requests clarifying methodology for oil price determination in taxation by 1 March

Russian President Vladimir Putin has ordered clarifying the methodology for determining prices for oil and petroleum products in taxation of oil companies by 1 March.

 According to the instruction published on the Kremlin's website on Friday, it is necessary for reducing the influence of sanctions on the country's budget.

"To present proposals on clarifying the methodology for determining prices for oil and petroleum products used for taxation of entities operating in the oil sector for minimizing the negative influence on federal budget revenues considering the peculiarities of the formation of indicative oil prices amid sanctions restrictions," one of the items on the list of requests reads.

The president expects the government to report on the issue by 1 March.

The instruction was given following a meeting with the cabinet on 11 January.