Ulyukaev calls reduction of export oil duties inevitable

The Minister of Economic Development of Russia, Alexei Ulyukayev has considered inevitable process of reduction of export duties on oil and oil products and compensation of shortfall in budget income by other ways, the Interfax reports.

- It is clear that, one way or another, we must gradually reduce the export tax inevitably, appropriately compensating for the loss to the budget. We should decide how quickly we must do it and determine the schedule, - Ulyukayev told journalists.

He added that meetings on the subject continue.

In turn, Deputy Finance Minister Sergei Shatalov said that a decision on the tax manoeuvre in the oil industry was planned to be adopted in the coming days.