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  Thursday, August 11, 2022
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The government of Russia is seeking to redirect the kind of investments made by foreigners in the Russian economy
The government of Russia is seeking to redirect the kind of investments made by foreigners in the Russian economy, Russian Finance Minister Aleksey Kudrin declared at the Seventh Russian Economic Forum in London, which winds up today. Kurdrin said a number of changes had already been made to lessen the relative attractiveness to investors of the natural resources sector in favor of manufacturing and processing. He was principally referring to a USD 10 billion reduction in taxes on the processing sector and a USD 2 billion increase in taxes for oil producers. Kudrin spoke of the large increase last year in oil company dividends and the doubling of non-oil-related investments by the companies. 'This confirms that they have substantial reserves and that a charge of 2 billion rubles will do them no significant harm,' the minister said. Another step that has been taken, he said, is a reduction of bureaucratic barriers and of the number of areas for which certification or licensing is required.
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