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Iran war lifts Russian Urals oil taxes and cash flow as Urals price hits a 2023 high
Economy
Published on 14 May 2026
Russia’s tax bill for Urals jumps 18% in one month
Russia’s flagship Urals crude export blend has surged to its highest tax-purposes level since October 2023, reaching $94.87 a barrel for May calculations. The jump is attributed to Iran war disruptions that have constrained Persian Gulf supplies and boosted demand for Russian barrels after flows through the Strait of Hormuz were affected. With oil and gas providing around a fifth of budget revenue, higher prices are helping the Kremlin refill its rainy-day fund and delay non-priority spending cuts, even as a stronger ruble trims takeaways.
- Urals crude hit $94.87 per barrel for tax calculations this month
- May producer taxes use an exchange rate of 76.938 rubles per US dollar
- Tax value rises to nearly 7,300 rubles per barrel
- That is an 18% increase from the previous month
- It’s 60% higher than a year ago
- A stronger ruble reduces tax proceeds despite higher dollar prices
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times