International

Jan. 23, 2016 | 09:20 PM

Russia promises 'administrative help' but no energy subsidies

A general view shows the Krasnoyarsk hydro-electric power station on the Yenisei River near the Siberian city of Krasnoyarsk, Russia, January 13, 2016. REUTERS/Ilya Naymushin

Agence France Presse

Entities

Comments

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)

comments powered by Disqus

Summary

The Russian government will draw up measures to ease administrative costs for energy producers hit by the fall in oil prices, but will not provide financial support, Energy Minister Alexander Novak said on Saturday.

Referring to companies' tax loading, Novak said that "the most important thing right now is to do nothing that could have the impact of an additional charge on the sector".

Authorities have admitted that tumbling oil prices will have to see them slash government spending as they struggle to keep the deficit to under three percent of gross domestic product (GDP).

Russia's anti-crisis plan, according to business daily RBK, would include measures to support the most fragile sectors of the economy and could cost 420 billion rubles ($5.1 billion).