Russian authorities have agreed to lift all export duties for new projects in the Arctic shelf to boost investment in the area. The new tax breaks are expected to come into force by the end of this year.
“We managed to come to the agreement with the Ministry of Energy and with the Ministry of Economic Development. We settled all the differences and agreed how the new legislation will work,” Deputy Minister of Finance Sergey Shatalov said in a statement.
Reforming the global financial architecture will be a key priority for Russia during its rotating presidency in the G-20, Sergei Storchak, Russia’s deputy finance minister and the government’s representative to the G-20, said in an interview with the Voice of Russia broadcast on Tuesday. He focused on the history of the Group of Twenty Finance Ministers and Central Bank Governors and changes in its activity after the global financial crisis.