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. Last Updated: 07/27/2016

Fuel Law Overhaul

MOSCOW () -- An overhaul of Russia's energy laws is needed if the country expects foreign companies to spend billions of dollars in oil and gas investments, U.S. Deputy Secretary of Energy Bill White said Friday.

White, concluding a four-day conference on energy and law, said he had worked closely with Russian Energy Minister Yury Shafranik to come up with recommendations on changing energy laws to attract foreign investment.

The recommendations included a switch from a revenue-based tax system to one based on income and the introduction of laws on environmental awareness.