Official: Russia to bring taxation in line with current oil prices

MOSCOW, Mar 21 (PRIME) -- The government wants to bring taxation in line with the market prices, because Russian oil is sold with a discount, Deputy Prime Minister Alexander Novak said on Monday.

"Speaking about the oil and gas industry, it is clear that our products are sold with a partial discount as compared with the market prices. This is why our task today is to bring the taxation system in line with the market prices so that companies escape losses," Novak said.

The State Duma will consider the amendments to the price regulation mechanism for fuel in April, he said.

The official added that Russia produces oil and gas in accordance with the plan in spite of the sanctions pressure. The output in January and February exceeded that of the same period of 2021.

The decision of the U.S. and the U.K. to stop Russian oil and oil product imports was insignificant due to low supplies to these countries, Novak said.

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