The Ministry of Energy of Russia has agreed on the procedure for monitoring the cost of oil export

The Russian Ministry of Energy has agreed on the procedure by which export oil supplies will be regulated. The order registered by the Ministry of Justice will come into force on March 4, the document appeared on the official website for legal information .Monthly, the agency will monitor the prices of oil from the Urals and ESPO from Novorossiysk, Ust-Luga and Primorsk. In addition, tracking the cost of ESPO oil from Kozmino will be made under the conditions of Free On Board (“loading on a ship”).Foreign references will be used to determine the price of fuel. A compound formula that takes into account a number of indicators will help with this. The necessary data will be provided by the St. Petersburg Commodity and Raw Materials Exchange, the Argus Agency and the Federal Customs Service.This measure, as they told the Ministry of Energy, will allow the real cost of supplies to be monitored so as not to sell fuel at a reduced price against the background of sanctions. The head of the department, Nikolay Shulginov, noted that the mechanism would help regulate the taxation of the industry.