The Russian Duma, the lower chamber of Russian parliament, has approved the Urals price bill in the first reading according to Tass.

• Last week Russia announced to change the way it assesses the price of its Urals formulas for tax purposes. They are looking to limit the discount of Urals to Brent crude prices at 34$/bbl for April, 31$/bbl in May, 28$/bbl in June and 25$/bbl from July.
• The Russian Urals discount to dated Brent moved up by 2.5$/bbl in January 2023 to 30.65$/bbl before the latest EU and G7 sanctions starting on 5 Feb according to the latest monthly OPEC oil report.