NextGen Day

Vladimir Putin, the president of Russia, gave the administration instructions on Friday to outline the process for establishing the prices of Russian oil and its products.

In order to set taxes for the oil industry and reduce the negative impact on federal budget revenues, it is necessary, according to an official decree, “to present proposals on specifying the methodology for determining the price of oil and petroleum products.” This is done while taking into account the unique characteristics of the formation of the mentioned oil prices under sanctions restrictions.

The discount on Russian oil, the embargo on oil products, and the price cap, according to Russian Deputy Prime Minister Alexander Novak, are the biggest concerns for the nation’s energy sector.

The price of freighting vessels for the transportation of Russian oil and oil products had increased, he claimed, as a result of the price cap’s implementation.

The directive said that the report on the implementation was due on March 1.

Additionally, Putin gave the government the task of creating investment documents for the modernization of Russia’s air and water transportation.

Putin also signed a bill on Friday that allows foreign nationals and stateless people to enter, exit, remain, and transit through the territory of both Belarus and Russia with the use of an identity document and a visa from one of the two countries.

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