Summary

The expression 'the tail is wagging the dog' has been carried to the extreme a few months ago, with Russia's enactment in June of the new Amending Law regarding PSAs. This new law was initially conceived two years ago to inscribe into the Tax Code an elaborated special fiscal regime for PSAs, in order to reassure investors (particularly those involved with the Duma-approved priority 'List Law' fields) and thus spark much-needed real movement forward on these projects. But it turned out otherwise. The intended pro-PSA tax reform focus was in effect 'hijacked' early this year by influential ...