Russia's MinFin not planning tax changes due to drop in oil prices

MOSCOW. May 21 (Interfax) - Russia's Finance Ministry is not currently preparing to raise taxes on oil and gas companies due to the drop in oil prices, but neither is it planning to ease the tax burden on them at this point, Deputy Finance Minister Alexei Sazanov told reporters.

He also reaffirmed the ministry's position on preferential treatment for hard-to-recover oil reserves.

"Our position is still thus: while the OPEC+ deal is in effect, any additional preferences for the sector are premature, because this will lead to a shift in production from fields that pay the whole [mineral extraction tax] rate to fields where there are tax breaks. If it becomes clear that the OPEC+ deal will end, we're prepared to return to discussions," Sazanov said.