Key Changes and Trends of 2018 in Regulation of Russian Subsoil Use
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Key takeaways:
- This Debevoise In Depth outlines the changes and trends that, in our opinion, have been the most significant in the regulation of Russian subsoil use in 2018.
- The legislative changes relate to foreign investments, taxation in the oil & gas sector and offshore upstream and downstream operations.
- The main regulatory trends concern the oil and gas sector, in particular: disinterest of the state in liberalizing the export of LNG and access to the Russian continental shelf; exemption of certain goods required for offshore hydrocarbon production from customs duties; stimulating the production of hard-to-recover oil; and harmonization of regulation in respect of spills of oil and oil products. Among other initiatives, the promotion of the use of mineral waste as well as attempts to combine all environmental payments into a single environmental tax are noteworthy.