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Russian Oil Firms Grapple With Rising Fiscal Pressures
On top of intense international sanctions pressure and production restrictions stemming from the Opec-plus agreement, Russia's oil industry is coping with a hefty tax burden and high borrowing costs. These challenges to both the top and bottom lines, in fact, are demotivating investments, delaying projects and lengthening capital recovery times, Igor Sechin, chief executive of Rosneft, the country's biggest oil producer, said during the St. Petersburg International Economic Forum last week. Sechin, known for publicly expressing the industry's grievances, stated that Russia's oil industry "generates over 12 ... (full story)