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. Last Updated: 07/27/2016

Oil Duties to be Cut

MOSCOW -- Sergei Kiriyenko, who was appointed acting prime minister Monday, ordered drafting directives to cut excise duties for oil and gas and working out measures to prevent delayed payment of wages and pensions.

Kiriyenko entrusted both tasks to First Deputy Prime Minister Boris Nemtsov, Nemtsov said.

"Since oil prices on the world market have fallen by nearly half and oil companies are not in a position to pay, there is a need for an appropriate reaction on the part of the government," Nemtsov said.