Russia Will not Adjust the Current Export Tariff on Petroleum Before 2012

It is learned from Russia VTB that, Russia government will not take excess profit tax to substitute petroleum export tariff and mining severance tax, which aims at the comment on petroleum tax system made by official from the Ministry of Commerce on January 22.

According to the report from Russia Prime-Tass, to avoid the financial risk, Russia shall abandon the tax reduction and exemption policy on Eastern Siberia oil field, but turn to profit-oriented petroleum tax system.

The director of Revenue Office of Russia Financial Department criticizes the tax reduction and exemption on petroleum companies which is under exploiting in Eastern Siberia and North Pole Area. The official also said that, due to the decrease of petroleum production in other oil field of Russia, the fiscal revenue of Russia Federation will cut to 120 billion ruble(4 billion U.S. dollars). In addition, he emphasizes to impose tax on excess profit.