Russia is proposing a big tax hike on the oil industry that would generate almost $10 billion in additional revenue for the government in 2016, but take a chunk out of oil companies' earnings, according to documents obtained by International Oil Daily. Russianoil companies warn that the new measures by the finance ministry, if implemented, could result in drops of production as firms will have to cut investment by up to 30% under the weight of low oil prices and the necessity to pay more to the state.
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