Russia offers support for oil companies amid sanctions

MOSCOW, October 22. /TASS/. Russia’s Energy Ministry has proposed additional support to oil companies due to the Western sanctions imposed on the sector, Minister Alexander Novak said at an oil and gas forum. Fiscal support measures, like advantages for companies investing in import substitution, or lifting duties on imported equipment as well as revising licensing obligations, can be introduced, Novak said. A grace period for fines may also be imposed due to a ban on imports of technology and equipment used in utilizing associated gas, waste recycling and liquidation of oil spills. “We think that mechanisms of state guarantees and other instruments of granting oil companies access to cheap and long money, funds of the National Wealth Fund, state banks may become measures of financial support, and there also may be state guarantees for equipment producers,” Novak said. Read related news on itar-tass.com