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shortages, prompting the government to reintroduce them. This reinstatement is estimated to cost the budget around RUB400bn ($4.3bn) in the fourth quarter.
The proposal also includes a change in the method used to calculate the mineral extraction tax for oil producers. While the budget will continue to base its calculations on prices provided by the Argus pricing agency, it will now consider the price of oil before loading in Russian ports, rather than the price including freight and insurance costs (CIF) at European ports like Rotterdam and Augusta.
6.2 Debt
According to the Bank of Russia’s estimate, external debt of the Russian Federation as of September 30, 2023 totalled $329.5bn, having decreased by $54.1bn, or by 14.1%, since the end of 2022.
This dynamics was largely influenced by the reduction in other sectors’ liabilities on raised loans, including within the framework of direct investment relationship. A significant drop in general government’s indebtedness was
65 RUSSIA Country Report December 2023 www.intellinews.com