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. Last Updated: 07/27/2016

Decree Aids Deposits

MOSCOW (MT) -- President Boris Yeltsin signed a decree freeing state enterprises in the oil and gas industry from the mandatory sale of hard-currency earnings from exports, the Interfax news agency reported Tuesday.

The decree affects oil and gas concerns, oil refineries and surveying enterprises. All hard-currency earners are required to sell 50 percent of their earnings back to the state. Yeltsin said in his decree the measure was aimed at helping enterprises develop new deposits.