... petroleum product prices after the COVID-19 pandemic, as well as the devaluation of the ruble, which made external prices in ruble terms higher than domestic prices. However, this raises a question: if the damper is meant to cover the costs incurred by oil companies due to shortfalls in exports, why are European market prices used for calculating payments, when that market is no longer accessible to the oil companies? A second question follows: how logical is it to use export alternatives as a benchmark when the regulator periodically ...

... restriction may extend to the entire market to direct additional volumes of fuel to domestic needs.) Enhanced Monitoring and Dampening Mechanism. Monitoring of fuel trading has been intensified, and a dampening mechanism restricting excess profits from exports (when prices exceed a certain threshold, payments to oil producers are reduced) has been activated. Mandatory Sale on the Exchange. An increase in the regulations for mandatory sales of fuel on the exchange (from the current 15% of production for gasoline) is being considered to enhance trading liquidity ...

... supplies gas to Turkey and Southern European countries, while Gazprom is investing in increasing capacity and expanding connections to regional gas transportation networks. Baltic Pipeline System 2 (BPS-2): This project is aimed at transporting oil and oil products to northwestern export markets via the Baltic Sea. Investments are focused on upgrading pumping stations and building oil storage tanks. 3. LNG processing and production Gazprom is actively developing the production of liquefied natural gas (LNG) to expand export opportunities ...

... refining industry. This refers to the difference between higher duties on oil and lower duties on petroleum products: for example, duties on automotive gasoline and diesel fuel were 30% of the duty on oil. The difference in duty levels stimulated the export of oil products (mazut, gasoline, diesel fuel) instead of the export of crude oil. Oil companies refined more expensive oil into cheaper mazut and then exported it, leading to losses in budget revenue from export duties. Since 2017, duties on mazut have ...

... (around 1.94 trillion rubles in H1 2025 compared to 1.77 trillion rubles a year earlier). This was due to several reasons: the rise in domestic tariffs, the redirection of some volumes to China and friendly countries, and the effect of a weaker ruble on export revenues. Physical gas sales volumes for the half-year are estimated to have decreased compared to previous years (especially in Europe), but cash revenues have only slightly increased due to price factors. Oil and gas condensate sales contributed relatively little. Revenue from oil sales rose to ~173 billion rubles (+6% year-on-year), reflecting high oil prices in rubles and stabilization of oil production by subsidiary structures. Concurrently, gas condensate ...