Moscow is targeting Russian oil exporters in an effort to shore up its budget, but the oil industry warns that the tax proposals could lead to lower output. Russia’s budget deficit must not exceed 3pc of GDP next year, President Vladimir Putin says. He has called for measures to give the government access to oil “exporters’ additional revenues resulting from the rouble devaluation” to achieve the target. Oil companies in Russia have benefited from lower rouble costs after a sharp drop in the value of the currency against the dollar.
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