Kremlin proposes moratorium on state support for new oilfields

MOSCOW: Russian President Vladimir Putin proposed the introduction of a moratorium on new state support measures for the development of Russian oilfields until inventories are completed, a document published on the Kremlin website showed.

Putin also instructed the government to produce justification for proposals to support the development of the Priobskoye oilfield, the document dated July 20 showed.

Last week, Russian oil giant Rosneft's CEO Igor Sechin asked the Kremlin to offer 2.6 trillion roubles ($41.20 billion) in tax breaks to encourage the development of the Arctic, the Vedomosti business daily reported.