Russia is considering cutting circa US$26bn subsidies to oil firms | Forexlive

Bloomberg (gated) with the info, citing unnamed “people familiar with the matter”.

• Russia’s government is considering cutting subsidies to the nation’s oil refineries
• Last year, the Russian state spent 2.17 trillion rubles ($26.6 billion) compensating refiners for the difference between the base price of domestic fuels and their theoretical value if exported to Europe
• Now, as a second year of war in Ukraine strains Russia’s budget, the government in Moscow is looking to raise the base price of gasoline and diesel in the subsidy formulas by as much as 50%, said two people familiar with the matter, who asked not to be named because the discussions are private.