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. Last Updated: 07/27/2016

Oil Duties Proposed

MOSCOW -- Russia needs temporary export duties on oil to end fuel oil shortages at its power plants, former Deputy Prime Minister Anatoly Chubais said Tuesday.

While oil output is falling, oil exports, which the dwindling ruble has made more profitable in the last few months, are seriously increasing and this "is ruining the foundation of the fuel balance," said Chubais, who is now chief executive of electricity monopoly Unified Energy Systems.

"It is absolutely necessary to find a solution to this situation," Chubais said. "It is absolutely necessary that the state should interfere and that a decision should be made to introduce temporary export duties on oil exports. Without this the energy sector will be unable to solve the problem by its own efforts."