Russia Looks for Ways To Boost Oil Income ...Middle East

Russia's government is mulling over fuel subsidy cuts or a windfall tax for the oil industry in a bid to offset the sharp drop in oil and gas revenues amid the Western sanction push following Moscow's invasion of Ukraine. Bloomberg cited unnamed sources as saying one of the options to boost income was to change the formula that the authorities use to calculate the level of subsidies that Russian refiners receive for supplying fuels to the domestic market. The subsidies last year came in at some $26.6 billion—quite a substantial sum. In order…

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