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Deputy PM-'US, UK Decision Not To Buy Russian Oil Has Had Little Impact'

RUSSIA

Russia's state-run Interfax reporting that Deputy PM Alexander Novak has stated that the US and UK decision not to buy Russian oil 'has had little impact on Russia'.

  • TASS reporting Novak as stating that the Russian gov't may change the taxation of oil companies in the country 'given that Russia oil trades with a discount to benchmarks'.
  • EU set to decide this week whether to impose severe restrictions on the import of Russian hydrocarbons. EU is a much larger market for Russian O&G than the US and UK, posing greater risk to Russian state finances if demand drops off significantly.
  • However, as Dutch PM Mark Rutte noted earlier today (see 1004GMT bullet), the EU remains reliant on Russian gas and oil and cannot just turn off the taps overnight.

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