The Russian government is considering potential changes in taxes for the oil and gas industry as it tries to balance its budget needs with those of energy companies at a time when the industry is under pressure from severe Western sanctions. Sources say the ministry is looking at the possibility of hiking taxes if the country is forced to cut production because of the proposed G7 price cap on Russian oil exports and the EU's ban on imports of Russian oil. Historically, Russia has adjusted its oil and gas taxes from time to time, using them to encourage investment in certain parts of the industry or to generate additional government revenues.
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