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. Last Updated: 07/27/2016

Oil Quotas Preserved

MOSCOW-- President Boris Yeltsin signed a decree Friday to extend tax exemptions and quotas on oil exports until Jan. 1, 1995, effectively reversing his May decree that would have eliminated those exemptions and quotas as of July 1, Interfax reported. The original decree, designed to increase revenues by rationalizing oil-export procedures, had caused an uproar among Russian and foreign oil companies. They said that the elimination of tax exemptions would increase costs, and that the lifting of export quotas would lead to a chaotic battle for access to Russia's limited pipeline capacity.