Russia Plans to Continue Its Oil-Tax Maneuvre: Sazanov

Russia plans to continue its oil-tax maneuver that envisions gradual decline in oil exports duty and increase in mineral extraction tax, Deputy Finance Minister Alexei Sazanov said at Russian Energy Week in Moscow.

• NOTE: From 2019, Russia has been gradually reducing export duties on crude and oil products until they’re fully abolished in 2024. At the same time, Russia has been raising oil-extraction tax
• It’s too early to talk about expanding profit-based tax regime amid expected decline on oil production, Sazanov said
  • Oil output is expected to fall 5% in 2023
  • Finance Ministry can’t allow drop in budget revenues ...