Russia Said to Forgo $6.7 Billion of Oil Revenue for Investment - Bloomberg

Russia Said to Forgo $6.7 Billion of Oil Revenue for Investment - Bloomberg:



"Russia may lose as much as 240 billion rubles ($6.7 billion) of oil revenue next year after the government chose a three-year tax plan favored by crude producers, according to two state officials.



Deputy Prime Minister Arkady Dvorkovich picked the lower of two proposed oil output tax rates, leaving an additional 55 billion rubles in producers’ pockets, the officials said, asking not to be identified because discussions were confidential. Dvorkovich, who made his choice to encourage investment, met today with government and business representatives to set the rates before the budget is sent to parliament.



Russia, the world’s biggest energy exporter, is trying to balance the interests of producers and the budget with the $2 trillion economy on the brink of recession amid a standoff with the U.S. and Europe over Ukraine. Oil taxes provide about 45 percent of the country’s budget revenue."



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