See KhartukovE M.Russia's Oil Prices Passage to the Market. – East-West Center Working Papers: Energy and Minerals Series, September 1995, No. 20, pp. 1–8.
2.
Ibid., p. 7–8.
3.
See KhartukovE.M.Low oil prices, economic woes threaten Russian oil exports. – Oil & Gas Journal, June 8, 1998, pp. 25–30.
4.
Technically speaking, the formerly indivisible 32% tax was replaced by a two-part levy: its federal part was set at 13%, while regional authorities were allowed to tax additionally up to 25%. Effective from January 1, 1995, the ceiling for “regional” part of the tax was lowered to 22%, thus, capping its aggregate rate at 35%.
5.
See KhartukovE.M.Changing tax system challenges producers and refiners in Russia. – Oil & Gas Journal, March 25, 1996, pp. 41–46.
6.
See Oil & Gas Journal, June 8, 1998, p. 26.
7.
Nearly two-thirds of Russia's current oil exports are tied as collateral to ensure repayment of Western credits.
8.
Russian Energy Prices, Taxes and Costs 1993. – Paris: OECD/IEA, 1994, p. 82.
9.
Depth of refining (or processing) is a measure of refinery performance commonly used in the FSU countries and defined as follows: (Refinery Throughput- Furnace Fuel Oil Output-Refinery Losses) Refinery Throughput x 100%.
10.
KommersantDaily, June 19, 1996, p.10.
11.
Considerably lower price projections - like the one by the U.S. Department of Energy which assumed $14.4/b world oil price (in 1996 dollars) in its Low World Oil Growth scenario –are still rather an exception (see Annual Energy Outlook 1998. – Wash.: US DOE/IEA, December 1997)
