Russia's Finance Ministry not considering matter of waiving tax maneuver in oil industry

MOSCOW. Feb 15 (Interfax) - Russia's Finance Ministry is not currently considering the matter of waiving the tax maneuver in the oil industry, State Secretary and Deputy Finance Minister Alexei Sazanov said when speaking at the State Duma.

"Given that production more than doubles exports, adopting the same measures through export duties would have cut the economics of output more than the measures taken. Therefore, movement through the mineral extraction tax (MET), owing to there being a larger base, results in less damage to the economics of oil production. Consequently, we are not currently considering the matter of waiving the tax maneuver," Sazanov said.