The Russian government has allowed oil major Rosneft to buy the government’s 50.08% stake in oil company Bashneft without an auction for 329.6 billion rubles, a source at the Energy Ministry reported. On September 30, First Deputy Prime Minister Igor Shuvalov said that the government had decided to resume preparations for the sale of its…Details
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The Russian Finance Ministry does not support a proposal by the Federal Antimonopoly Service to introduce a floating excise on engine fuel depending on global oil prices, Deputy Minister Ilya Trunin said. The official said that fuel excises were a source of replenishment of road funds. “This means that we will need to introduce floating…Details
The Russian government will most likely sell a 19.5% stake in oil major Rosneft in November, Economic Development Minister Alexei Ulyukayev reported. “We do not have the time now. According to the schedule, most likely in November”, he said. (Prime/Business World Magazine)Details
The Russian government plans to save about 700 billion rubles by cutting inefficient spending and redistribute around one trillion rubles in the 2016 budget, including social spending, Prime Minister Dmitry Medvedev said at a government meeting. “We are working on reduction of inefficient budget spending. We plan to save around 700 billion, even more, this…Details
Russia may start supplying wheat to Venezuela before the end of 2016, the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) said in a report. “Considering Venezuela’s strong interest in imports of Russian wheat, in case the authorized agencies of the two countries effectively agree and sign the relevant protocol, exports of Russian wheat to…Details
Russia’s Federal Service for Veterinary and Phytosanitary Surveillance may ban imports of fish and chilled meat from New Zealand, Sergey Dankvert, head of the watchdog, said. “We are considering restrictive measures regarding products from New Zealand. It concerns fish and chilled meat”, he said. The head of the regulator said that in the course of…Details
The Russian government can limit deductions on corporate profit tax for consolidated taxpayer groups from 2017, Deputy Finance Minister Ilya Trunin said. The current consolidated taxpayer group rule allows companies to include an unlimited amount of corporate units running at loss into the taxable base and reduce it. Trunin said that the Finance Ministry offered…Details