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Russia’s energy sector hit as Kremlin forced to increase tax

The G7-led price cap on Russian oil exports has forced the Kremlin to raise the tax burden on producers, undercutting the future production capacity of the Russian oil and gas industry.

1 min read
  • G7's price cap on Russian oil exports forces Kremlin to raise tax burden on producers.
  • The tax change is expected to undercut the future production capacity of the Russian oil and gas industry.
  • Russian oil and gas tax revenue fell by 45% YoY in Q1 2023.
  • Russia's tax change will sacrifice the industry's ability to invest in the long term.
  • Russian oil production fell to 10.4mn b/d last month.
Russia’s energy sector hit as Kremlin forced to increase tax
Putin raises levies on oil and gas groups after G7 imposes price cap on Russian crude
Financial TimesJames Politi

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