Artemyev emphasized that global pricing mechanisms for Russian oil are not fully understood, leading to\u00a0significant financial losses for Russia.<\/p>\n
In\u00a0response, the\u00a0St. Petersburg Exchange is\u00a0pushing for the creation of\u00a0Russian pricing indicators. Artemyev also announced the formation of\u00a0a\u00a0National Exchange Price Agency, which will use liquid market data, including futures markets, industry associations, and government departments as\u00a0sources of\u00a0information, according to\u00a0Moscow Times.<\/p>\n
He\u00a0believes this initiative will increase tax revenues by\u00a0ensuring more accurate, \u201cfair\u201d taxation based on\u00a0domestic pricing.<\/p>\n
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Ukraine Sets New Record With 24 Strikes on Russian Oil & Gas Sites in December<\/a><\/p>\n
\n Dec 31, 2025 11:55\n <\/p>\n
Meanwhile, some Russian oil companies have become unprofitable due to\u00a0heavy discounts offered to\u00a0buyers in\u00a0India and China. Between December 22\u00a0and 28, the price of\u00a0Russia\u2019s Urals crude dropped to\u00a0$33\u201334 per barrel, the lowest since the pandemic, with the discount to\u00a0Brent reaching $27 per barrel, The Moscow Times wrote.<\/p>\n
Analysts have noted that several oil projects are now unprofitable, particularly due to\u00a0extraction challenges, although older fields in\u00a0Volga and Western Siberia continue to\u00a0operate profitably due to\u00a0favorable tax rates on\u00a0production.<\/p>\n
Previously, it\u00a0was reported that Russia\u2019s reliance on\u00a0oil and gas revenues will continue to\u00a0shrink<\/a> over the medium and long term as\u00a0low-cost hydrocarbon reserves are depleted, Russia\u2019s Finance Minister Anton Siluanov said.<\/p>\n
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