Russia Seeks Additional $1.9 Billion In Taxes From Oil & Gas

Russia’s finance ministry is looking to raise as much as US$1.93 billion (143 billion Russia rubles) in taxes from the oil industry over the next two years, as the oil price crash has shrunk Russia’s key revenue stream—oil. According to a document on a Russian government website, cited by Reuters, the finance ministry is looking to receive more tax proceeds by amending the tax code and the recently implemented profit-based tax. The government and the Russian oil industry are heading for a dispute over the proposed tax amendments,…