Russian MinFin hopes for final agreement on amendments to reverse excise tax on oil, fuel damper by end-2024

MOSCOW. Oct 30 (Interfax) - Amendments to legislation concerning the investment premium for the reverse excise tax on oil and the fuel damper could be finally agreed on by the end of this year, Deputy Russian Finance Minister Alexei Sazanov told journalists.

"We are simply specifying the types of [refining] units that will be built in given the existing sanctions restrictions. Accordingly, in the event of an increase in the cost of financing, a shift in the deadlines for using the funds is being discussed, without changing the deadlines for commissioning units. We are discussing all this with businesses, the Energy Ministry and oil companies. I think, we'll have a final agreement on these issues by the end of the year. We already have a consensus that the damper will separately be reset to zero if the price deviates by more than 10% or 20%. This will be part of this package," he said.

Deputy Russian Prime Minister Alexander Novak has asked the Finance Ministry and Energy Ministry to introduce provisions to tax legislation on the continued application of the investment premium for the reverse excise tax on oil until January 1, 2033. Ministries must also cancel the rule on zeroing the damper for both gasoline and diesel fuel if the established thresholds for deviations from conditional prices for only one type of fuel are exceeded.