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Russian Government Entered into an Amicable Agreement With Exxon Neftegas Limited
September 15, 2017 08:17


 The Russian government entered into an amicable agreement with the subsidiary structure of Oil and Gas Corporation of the USA, ExxonMobil - Exxon Neftegas Limited - as part of the product-sharing dispute under Sakhalin-1 Project.

The instruction signed by Prime Minister, Dmitry Medvedev, is posted on the official portal of legal information. In turn, TASS informs that on behalf of Russia the amicable agreement was signed by the Minister of Finance, Anton Siluanov, since the initiative to reconcile with the "daughter" of ExxonMobil came from the Ministry of Finance.

The lawsuit against Russia was filed in April 2015. The essence of the dispute is to reduce the rate of income tax from 35 to 20 percent. The taxation conditions for Sakhalin-1 Project are set by the production sharing agreement and have the status of law. Therefore, the Russian tax authorities refuse to levy 20 percent tax on profits provided by the current Tax Code, referring to the fact that under the conditions prescribed in the document, the rate is 35 percent.

Therefore, any amendments to the agreement can be made only by a court resolution.


Author: Anna Dorozhkina


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