The Russian Government analyzes possible withdrawal of the foreign ‘subsidiaries’ of oil and gas companies from de-offshorization

The First Vice Premier of the Russian Government I. Shuvalov has ordered to the Ministries of Finances, of Economy and of Energy to elaborate Rosneft’s suggestion to withdraw the foreign ‘subsidiaries’ of the Russian companies which are engaged with exploration, production, transporting, refining and sales of hydrocarbons from the anti-offshore law about the control offoreign companies, Kommersant reports referring to its sources.

The newspaper claims that Rosneft is eager to avoid with its help of the situation when, within a foreign project, undistributed profit is concentrated for re-investment, debt payment and participation in tenders and it’s charged with taxes. The company will face additional tax burden when realizing capital-intensive projects, the source of the newspaper emphasizes.