Stories that are tagged 'Russia'

	Putin Backs Ratification Of WTO Commitments This Year 5/14/2012 Russia's new President, Vladimir Putin has dismissed calls to delay the nation's accession to the World Trade Organisation.
	Russian Beer Tax Hikes Slash Industry Profitability 5/11/2012 Beer manufacturer Carlsberg has reported that its pre-tax profits for its Russian business has all but evaporated during the first few months of this year, on the back of steep alcohol tax hikes introduced at the start of 2012.
	Russia Hikes Gas Tax, Rethinks Luxury Tax 5/4/2012 The Russian government has confirmed proposals to hike the tax paid by natural gas extractors, hitting both the majority state-owned Gazprom as well as private ventures.
	US Issues Annual IPR Country Report 5/3/2012 The Office of the United States Trade Representative has released its annual ‘Special 301 Report’ on the perceived adequacy and effectiveness of US trading partners’ protection and enforcement of intellectual property rights (IPR).
	Russia To Guarantee Low Taxes On Arctic Oil Projects 4/24/2012 Russia has reacted to industry lobbying with the announcement of a 'globally competitive' tax regime to facilitate the extraction of substantial oil reserves lying offshore in the Arctic Circle as Russia's onshore deposits decline.
	Russia Hints At Higher Gas Company Taxes 4/19/2012 Russian Prime Minister, and President-elect, Vladimir Putin has announced that taxation will be hiked on gas projects to more fairly distribute the tax burden.
	APEC Focuses On Trade And Investment 4/6/2012 The Asia-Pacific Economic Cooperation is moving ahead with cooperative efforts to evaluate and identify initiatives to support freer, faster and more beneficial trade in the region that will lead ultimately, it is hoped, to a Free Trade Area of the Asia Pacific.
	Gazprom Faces Russian Tax Hike 3/27/2012 Russia is considering a 'windfall tax' on extraordinary profits due to be made by the majority state-owned, gas extraction monopoly Gazprom to fund government spending pledges made by Russian Prime Minister Vladimir Putin as part of his re-election manifesto.
	US Senate Mulls Trade Relations With Russia 3/20/2012 The United States Senate Finance Committee, chaired by Max Baucus (D – Montana), has held a hearing to examine the implications of Russia’s accession to the World Trade Organization.
	European Aviation Fears EU ETS Backlash 3/19/2012 In joint letters, the heads of some of Europe's major airlines and aviation engine manufacturers have called upon European Union leaders to take action and stop an escalating trade conflict with China and other countries opposing the European Emissions Trading Scheme.
	Offshore Aspects Of Russian 'Superbank' Merger 3/19/2012 The Jersey office of Walkers, the leading international law firm, has advised on the multi-jurisdictional aspects of the USD1bn merger between Sberbank and Troika Dialog, which will create a Russian 'superbank'.
	International Trademark Filings Set New Record 3/14/2012 2011 saw the highest number of international trademark applications ever filed under the World Intellectual Property Organization’s Madrid System for the International Registration of Marks with 42,270 applications, or a 6.5% increase compared to 2010.
	Russia Lines Up Heavy Crude Export Tax Relief 3/9/2012 The Russian government is considering the introduction of a significant new tax concession to make expensive extra-heavy crude extraction and refinement projects more viable, to boost the nation's export capacity.
	International Patent Filings Set New Record In 2011 3/7/2012 Despite difficult global economic conditions, international patent filings under the World Intellectual Property Organization-administered Patent Cooperation Treaty set a new record in 2011 with 181,900 applications – up 10.7% on 2010 and the fastest growth since 2005.
	Obama Sets Out 2012 Trade Policy Agenda 3/6/2012 President Barack Obama has presented to Congress his 2012 United States Trade Policy Agenda, which looks for a conclusion of negotiations for the extended Trans-Pacific Partnership regional trade agreement, and enhanced trade enforcement efforts to investigate unfair trading practices in other countries.
	APEC Business Leaders Push Asia-Pac FTA 2/29/2012 The Business Advisory Council of the Asia-Pacific Economic Cooperation is focused on taking further steps towards realizing the goal of an integrated Asia Pacific economy, and on liberalizing and facilitating trade and investment, leading ultimately to a Free Trade Area of the Asia Pacific.
	Russian Duma Ratifies Cypriot DTA Protocol 2/21/2012 Russia's lower house of parliament, the Duma, has ratified the pending Protocol to the double tax avoidance agreement with Cyprus, confirming removal of the nation from Russia's notorious 'blacklist'.
	Russia Signs Up To OECD Anti-Bribery Pact 2/20/2012 The Organisation for Economic Cooperation and Development has welcomed Russia's adoption of the OECD Anti-Bribery Convention at a ceremony in Paris on February 17, 2012.
	Putin Aims To Please With 'Oligarch' Windfall Tax 2/15/2012 To stem falling support in the run up to presidential elections, Russian Prime Minister and presidential candidate Vladimir Putin has suggested that Russia's wealthiest individuals should pay a windfall tax on gains made since the 1990s when state enterprises were rapidly privatized upon the dissolution of the Soviet Union.
	Russia Prepares Posthumous Tax Evasion Trial 2/15/2012 Russia plans to undertake its first ever posthumous trial under a 2006 law permitting the trial of absentees, to examine the high-profile case of Sergei Magnitsky, a lawyer appointed by the Hermitage Capital Investment Fund, who was due to face charges of tax fraud but died, officially 'due to negligence', in a pre-hearing detention centre.
	Putin Eyes New Wealth Taxes 2/10/2012 Russian presidential candidate and current Prime Minister Vladimir Putin has announced that, if elected, his government would increase taxes on luxury items as part of a larger reform of the tax system to reduce the country's over-dependence on oil revenues and fund ballooning government expenditure.
	Russia Considers Eurobond Tax 2/7/2012 The Russian government is considering retroactively applying withholding tax on Eurobonds that are issued through special purpose vehicles in low-tax jurisdictions.
	Singapore Tops 'Doing Business' Index 2/3/2012 The World Bank report, ‘Doing Business 2012’, the ninth in an annual series, ranks 183 economies on their ease of doing business, and reports a general improvement in the global business regulatory environment.
	Russia Rattles Sabre Over US Trade Law 1/31/2012 Just one month after receiving approval to accede to the World Trade Organization, Russia's Foreign Minister Sergei Lavrov has threatened that the nation would back out of accession package commitments made to the United States unless Washington rescinds a trade law dating back to the Cold War era.
	Russia Appoints 'Black Economy' Task Force 1/16/2012 Russian President Dmitry Medvedev (pictured) has instructed First Deputy Prime Minister Viktor Zubkov to establish a working group to fight financial crime, including tax evasion.
	Argentina Hikes Import Taxes On Luxury Vehicles 1/11/2012 The Argentine government has announced a change to the country's customs duty regime to introduce higher taxes on imported vehicles and motorbikes, imitating Brazil's earlier decision to introduce protectionist tax measures to support its domestic car manufacturing industry.
	US, Russia Implement Patent Cooperation Agreement 12/26/2011 The United States Patent and Trademark Office and the Russian Federal Service for Intellectual Property have implemented a cooperation agreement for international applications.
	Jersey Structure Employed In Polymetal's LSE Listing 12/23/2011 Channel Islands law firm Carey Olsen has advised Polymetal International, the largest silver and fourth-largest gold extraction company in Russia, and one of the top five primary silver extraction companies worldwide, on the Jersey aspects of its listing on the main market of the London Stock Exchange.
	Russian WTO Bid Approved 12/21/2011 World Trade Organization member states approved Russia's bid to become a WTO member at the 8th Ministerial Conference held in Geneva on December 16, 2011.
	EU And Russia Reach Siberian Overflight Agreement 12/6/2011 The European Commission and the Russian government have agreed to a revision of the system of Siberian overflight payments, which EU airlines are required to pay when flying over Russian territory.
	Hong Kong Plugs Its Services For Emerging Economies 11/30/2011 Financial Secretary, John C Tsang, speaking at the recently-held 2nd Annual Emerging Markets Conference, said that Hong Kong, so as to achieve a more diversified business portfolio, will continue to strengthen trade and investment co-operation with emerging economies.
	IoM Redoubles Promotional Efforts 11/29/2011 The Isle of Man's Chief Minister Allan Bell has concluded another week of packed engagements to actively promote the island to international investors, and to highlight the efforts being made by the government to develop and further diversify the economy.
	Switzerland Adopts Four DTAs 11/29/2011 Switzerland’s Federal Council has adopted texts for four further double taxation agreements, which will now be submitted to parliament for approval.
	Luxembourg, Russia Ink DTA Amendment 11/23/2011 During a recent visit to Moscow, Luxembourg’s Finance Minister Luc Frieden and Finance Minister of the Russian Federation Anton Silouyanov signed an amendment to the existing bilateral agreement between Luxembourg and Russia, designed to avoid double taxation and to prevent tax evasion in the area of taxes on wealth and on income.
	APEC Approves Cross-Border Privacy Rules 11/18/2011 The Asia-Pacific Economic Cooperation group has approved a new initiative to harmonize cross-border data privacy protection, which is designed to enhance the protection of consumer data that moves between its members, including the United States, at a time when more consumer information is moving across national borders.
	APEC Looks At Regional Economic Integration 11/17/2011 Under the chairmanship of US President Barack Obama, the leaders of the Asia-Pacific Economic Cooperation group, at their recent meeting in Hawaii, adopted the ‘Honolulu Declaration’, which looks towards a 'seamless regional economy', by strengthening regional economic integration and expanding trade, promoting green growth, and advancing regulatory convergence and cooperation.
	Russian WTO Accession Terms Published 11/16/2011 The World Trade Organization has published comprehensive details of the tax and trade commitments made by Russia as part of its accession bid, due to be deliberated upon at the WTO Ministerial Plenary in December at which Russia is tipped to be granted membership to the global trade body.
	Russia, Georgia Sign WTO Compromise 11/11/2011 The Swiss government has welcomed the signing of a bilateral agreement between Russia and Georgia in Geneva that establishes the legal framework governing customs administration and the supervision of commercial traffic between the two countries, a deal which paves the way for Russia's accession to the World Trade Organisation.
	Ireland, Russia Sign New Trade Agreement 11/11/2011 Ireland and Russia inked an agreement on a programme for trade and economic cooperation during Deputy Prime Minister Eamon Gilmore's recent trip to Moscow, allowing for a greater level of engagement between government authorities in each country.
	US, EU Laud Russian WTO Compromise 5/1/2012 The compromise reached by Russia and Georgia, mediated by Switzerland, has been praised by the European Union and the United States who have welcomed the benefits that Russian membership of the World Trade Organization will bring to the global trading system.
	Russia Set For Year-End WTO Membership 11/3/2011 Russia has agreed to a compromise with Georgian negotiators to pave the way for the nation's accession to the World Trade Organisation pending the approval of its members at the WTO's forthcoming plenary in December.
	Luxembourg Strengthens Economic Ties With Russia, Finland 11/1/2011 Luxembourg’s Deputy Prime Minister and Foreign Affairs Minister Jean Asselborn recently carried out official visits to Russia and to Finland to strengthen economic ties in both countries.
	US Congress Seeks Russian Trade Reforms 11/2/2011 Bipartisan leaders from the two Congressional committees with jurisdiction over international trade have urged the United States Trade Representative, Ron Kirk, to insist that Russia meets a high standard, to ensure a level playing field for US businesses in the negotiations for Russia’s accession to the World Trade Organization.
	Swiss Deal May Solve Russia-Georgia Impasse 10/31/2011 Georgia is said to have accepted a proposal put forward by Swiss mediators in Geneva in the ongoing dispute surrounding Russian membership of the World Trade Organization, described as the final proposal on the negotiating table before WTO ministers meet in December.
	Boehner Urges US Rethink On Russian WTO Accession 10/28/2011 Prominant US Republican, and House Speaker John Boehner has called on the US government to review its relationship with Russia in general, and consider leveraging its sway in Russian WTO accession talks to achieve an acceptable compromise for Georgia.
	G-20 Nations Failing To Honour Protectionism Pledges 10/27/2011 Disappointingly weak growth in some G-20 members is testing the political resolve of many governments to resist trade protectionism, says a new report from the World Trade Organization, the United Nations and the Organisation for Economic Cooperation and Development, which examines trade and investment measures implemented in the third quarter of 2011.
	US Senators Back Georgia In Russia WTO Talks 10/24/2011 In a letter to US Secretary of State Hillary Clinton and US Trade Representative Ron Kirk, two US Senators have urged the Obama Administration to fully consider the sovereignty of Georgia before endorsing Russia's pending accession to the World Trade Organisation.
	Russia-Georgia WTO Negotiations Abandoned 10/13/2011 Negotiations between Russia and Georgia on the former country's World Trade Organization accession remain deadlocked, according to Georgian Deputy Foreign Minister Sergi Kapanadze.
	Huge Variations Seen In Global Corporate Tax Rates 10/3/2011 The tax burden faced by businesses varies greatly from country to country, with a wide tax gap between ‘low tax’ emerging economies and the majority of ‘high tax’ developed nations, according to new research.
	OECD Notes Fall In Patent Quality 9/28/2011 The quality of patent filings has fallen dramatically over the past two decades as patent offices are overburdened with companies' efforts to protect even minor improvements in products and services, according to the findings of a new report from the Organization for Economic and Cooperation Development, which also describes which countries are best at facilitating innovative enterprise.
	Switzerland, Russia Sign Tax And Financial Agreements 9/28/2011 On the fringes of the annual International Monetary Fund meeting held in Washington, Switzerland’s Federal Councillor Eveline Widmer-Schlumpf and Russia's Deputy Prime Minister and Finance Minister Alexei Kudrin signed a memorandum on bilateral cooperation on financial matters and a protocol to the existing bilateral double tax agreement.
	Russia's WTO Accession Pushed Into 2012 9/22/2011 The chances of Russia rapidly resolving outstanding differences to receive the necessary approvals in December to accede to the World Trade Organization are slim, according to the country's economic minister.
	Switzerland Tops WEF Competitiveness Index 9/9/2011 Switzerland tops the overall rankings in the Global Competitiveness Report for 2011-2012, released on September 7 by the World Economic Forum.
	EFTA And CURBK Hold Free Trade Talks 9/6/2011 Delegations from the European Free Trade Association states, Switzerland, Iceland, Norway and Liechtenstein, and the Customs Union of Russia, Belarus and Kazakhstan, have held further negotiations towards a broad-based Free Trade Agreement in meetings in Geneva.
	Lukoil Bulgaria Rejects Tax Violation 9/2/2011 The Chief Executive Officer of Lukoil Bulgaria, Valentin Zlatev has dismissed criticism of its tax affairs by the Bulgarian tax authority, stating that it has not infringed the country's tax regulations.
	Impasse With Georgia Blocking Russia's WTO Path 8/25/2011 Membership of the World Trade Organization may yet be some way off for Russia with many stumbling blocks still present, particularly between Russia and Georgia, a document distributed among WTO member states shows.
	Lukoil Unofficially Wins Bulgarian Tax Spat 8/22/2011 Bulgarian tax authorities have admitted that they will not be able to enforce sanctions on the country's only domestic energy producer, Russian-owned Lukoil, for failing to introduce metering in their operations as part of measures to prevent tax evasion.
	Russian Oil Duty Rate Hike Trend Returns 8/19/2011 Russian oil duty is set to rise again next month after two consecutive months of lower rates.
	Mourant Ozannes Advises On USD13bn Reverse Takeover 8/16/2011 Mourant Ozannes has acted as sole Jersey legal adviser to KazakhGold Group Limited and OJSC Polyus Gold, the largest gold producer in Russia, in the combination of the two companies.
	BP Facing TNK Damages Lawsuit 8/16/2011 Oil giant BP is facing a major new damages lawsuit over the failure of its share swap deal with the Russian company Rosneft, which, it is alleged, resulted in substantial losses to the TNK-BP joint venture.
	EC Continues To Support Russian WTO Membership 8/12/2011 The European Council is ready to meet Russia halfway on the issues still hindering its World Trade Organisation membership bid, the Kremlin has said.
	Medvedev, Obama Talk Russian WTO Membership 8/8/2011 Russia stands a high chance of entering the World Trade Organisation before the end of the year, president Dmitry Medvedev has said, with the Kremlin citing support from Barrack Obama. However, the ongoing dispute with Georgia could threaten to upset the progress made.
	Russia Reopens Tax Case Against Dead Lawyer 8/8/2011 Russian authorities have reopened the tax evasion case against a Hermitage Capital lawyer who died in murky circumstances in 2009.
	Russian WTO Talks To Conclude By Year End 8/2/2011 The chances of Russia joining the World Trade Organization by the end of the year are slim, according to the country's Economic Development Minister, who told a recent investment forum that failed talks with Georgia, and ongoing negotiations with the European Union, could drag the process into 2012 and potentially beyond.
	Medvedev Delivers Three-Year Budget Statement 7/6/2011 Russia must modernize its economy as a priority, President Dmitry Medvedev has said, setting out a twelve point programme for the next three years, and hinting at a partial overhaul of the country's tax system and a wave of privatization.
	USPTO Enhances Its International Patent Programme 7/6/2011 The United States Patent and Trademark Office has announced its participation in a pilot programme to test an enhanced framework for the Patent Prosecution Highway.
	EFTA Unveils Progress On FTAs 6/23/2011 Following a recent gathering of European Free Trade Association ministers in Schaan, the Liechtenstein administration announced details of the signing of a free trade agreement with Hong Kong.
	Russia Addresses Punitive Payroll Tax System 6/21/2011 The Russian government is finalizing plans to review the country's key tax on corporates, the payroll tax, to establish a rate for large enterprises no higher than 30%, partially reversing last year's hike, and establishing lower rates for smaller enterprises.
	IMF Urges Russian Payroll Tax Cut 6/20/2011 The International Monetary Fund has urged the Russian government to put in place a 'credible, ambitious, and growth-friendly' fiscal consolidation plan which includes a reversal of the recent payroll tax hike.
	Russia, Ukraine Agree To Closer Cooperation 6/13/2011 Russia and Ukraine have emphasized their commitment to the expansion of bilateral trade and economic relations, and have signed a new Russian-Ukrainian Economic Cooperation Programme.
	OECD Says Russia Should Boost Innovation 6/13/2011 Russia needs to boost its innovation record by amending its policy, ensuring the effective enforcement of intellectual property rights regulation, encouraging stronger market competition and improving transparency standards, according to the Organization for Economic Cooperation and Development.
	Canada, Russia Agree To Greater Cooperation 6/9/2011 Canada and Russia have concluded key economic talks by signing commitments to increase bilateral trade, cooperation and collaboration.
	Russian Gas Industry Faces Tax Hit 6/2/2011 The Russian gas industry is to face a tax bill running into the billions, as the government looks for the revenue sources needed to balance the budget.
	Guernsey Delegation Reports Back After Moscow Trip 6/2/2011 There is plenty of potential for Guernsey to increase business flows with Russia, according to a team from the island's financial services industry which visited Moscow in the third week of May.
	Russian Oil Export Duty Rises 5/31/2011 Russian oil export duty is to reach near record levels, following a 1.9% hike authorised by Prime Minister Vladimir Putin.
	Russia To Join OECD Anti-Bribery Group 5/30/2011 Russia has been asked to join a key Organization of Economic Cooperation and Development group committed to the fight against bribery, and to accede to the Organization's Anti-Bribery Convention, a move seen as an important step in Russian membership negotiations.
	Trade Restrictions On The Rise 5/26/2011 Global trade and investment appear to be facing opposing forces both pushing and pulling against the prospects for economic recovery, as governments attempt to attract foreign investment on the one hand while shielding their economies from foreign competition by raising trade barriers on the other, according to a new report.
	APEC Stresses Doha Urgency 5/24/2011 A major negotiating breakthrough is required if the Doha Round is to reach a successful conclusion, with many gaps remaining unbridgeable, the Asia-Pacific Economic Cooperation organization has said.
	US Returns To Top Of World Competitiveness Rankings 5/20/2011 The Swiss business school, IMD, has announced the rankings from its 2011 World Competitiveness Yearbook, which places the United States and Hong Kong as the most competitive countries.
	OECD Praises Russian Transfer Pricing Changes 5/19/2011 Amendments to Russia's transfer pricing rules, designed to improve efficiency and reduce tax avoidance, have been welcomed by the Organization of Economic Co-operation and Development, which says such changes would bring them largely in line with international standards.
	BP/Rosneft Share Swap Deal Off The Table 5/19/2011 A potentially lucrative share swap agreement between BP and the Russian oil giant Rosneft has fallen through, after negotiations with BP's existing partners failed to reach a successful conclusion before the deal's deadline.
	Russia Could Hike Oil Tax Still Further 5/12/2011 Having risen each consecutive month throughout 2011, Russian oil export duty could go up again in June, albeit at a less substantial rate.
	Guernsey Woos Russian Investors 5/9/2011 A delegation from Guernsey's finance industry is to visit Moscow during May to investigate potential opportunities to develop business synergies between the two financial centres.
	APEC Business Leaders Call For Free Trade Deal 5/3/2011 The APEC Business Advisory Council, formed of business leaders from the 21 economies of the Asia-Pacific Economic Cooperation have recommended, during a recent meeting in Seoul, that concrete steps should be taken to realise a Free Trade Area of the Asia-Pacific.
	BP Calculates Q1 Tax Costs 5/2/2011 Oil giant BP has released its first quarter results, which show decreased year on year profits, and which count the tax costs the company is likely to face during the coming months.
	Toronto Potential Brazilian Investment Hotspot 5/2/2011 With Brazil's share of Canadian foreign direct investment growing rapidly, a new report has shown that the Greater Toronto Area could act as a potential hotspot for Brazilian investment, especially in the information technology sector.
	Anti-Corruption Activities Falling Short, Says OECD 4/27/2011 The Organisation for Economic Cooperation and Development has released figures showing that, while there are 38 signatories to its Anti-Bribery Convention, only a remarkably small minority are actively engaging in the sanctioning of individuals and companies.
	Jersey Finance Targeting Affluent Russians 4/25/2011 New quality business is ripe for the picking in Russia as growing numbers accumulate wealth, according to Jersey Finance, the government's financial services industry promotional body.
	Russia's WTO Accession Talks Set 4/25/2011 After a series of heated exchanges, Russia and Georgia are to resume their Swiss-mediated discussion of Russian admission to the World Trade Organization.
	EFTA Nears FTA With Ex-Soviet Customs Union 4/20/2011 Delegations from the EFTA states (Switzerland, Liechtenstein, Norway and Iceland) and the customs union of Russia, Belarus and Kazakhstan held the second round of negotiations towards a broader Free Trade Agreement on April 11-13, in Almaty, Kazakhstan.
	South Africa Warns Of Doha Split 4/21/2011 South Africa's Minister of Trade and Industry has warned of the potentially fatal obstacles faced by the Doha Round, caused by allegedly unfair and unreasonable demands from developed countries.
	Russia To Abolish Oil Field Tax Break 4/19/2011 The Vankor oil field is to lose an important tax break from May 1, paying Russia's headline rate of oil duty from that date, which is also predicted to climb to near record levels.
	Hong Kong, Russia Look For Increased Cooperation 4/20/2011 During the visit of the Russian President Dmitry Medvedev to Hong Kong, the latter’s Chief Executive Donald Tsang said that there is 'enormous potential for stronger links between the two economies.
	Ukraine At Trade Crossroads 4/13/2011 As Russia attempts to lure the Ukraine into joining a proposed four-country economic bloc with promises of cut-price oil, Ukrainian authorities must decide whether to forgo an EU-Ukraine trade pact, being negotiated currently, or look to Russia, Kazakhstan and Belarus, for future economic and trade cooperation.
	Russia Raises Oil Export Duty Again 3/29/2011 Russian crude oil export duty is set to hit a two and a half year high after the government's monthly calculation alteration added an extra 16.08% to the rate.
	Georgia Holds Up Russian WTO Entry 3/17/2011 A second round of talks is due to be held in April between Russia and Georgia, mediated by Switzerland, concerning Russia's entry to the World Trade Organisation. Harsh words have been exchanged between representatives of the two countries in the aftermath of the first round on March 10.
	EU Questions Siberian Overflight Charges 3/16/2011 The European Commission has launched infringement procedures against Estonia, Greece, Hungary, Lithuania, Malta and Slovenia over their bilateral air service agreements with Russia, and has sent a formal request for information to each member state.
	Russian Beer Duties Hit Carlsberg Profits 3/9/2011 The Carlsberg Group saw an adjusted net profit growth of more than 20%, in spite of what it calls 'challenging Russian market dynamics' caused by substantial increases on beer duty in the country.
	Switzerland, Russia Initial Revised DTA 3/3/2011 Switzerland and Russia have recently initialled a revised bilateral double taxation agreement to be put in place between the two countries.
	Russian Budget Deficit Falls 3/1/2011 Russia's budget deficit is falling, thanks in part to the current high price of Urals blend crude oil, according to the country's Finance Minister.

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