Russia's finance ministry wants to raise the extraction tax on oil and natural gas by 61% next...

|By:, SA News Editor

Russia's finance ministry wants to raise the extraction tax on oil and natural gas by 61% next year, followed by smaller hikes in 2012 and 2013. The tax hikes, particularly on natural gas - where Russia holds a quarter of global reserves - "would certainly cause tremors globally," even more so "if Russia inspires America to increase its energy sector taxes."