Russia’s oil industry is awash with cash and will be able to withstand the planned 1 trillion rubles ($15 billion) in extra taxes over the next six years, Alexei Sazanov, the head of the tax department in the finance ministry, said in an interview. The government is looking for extra money to implement President Vladimir Putin’s pledges of higher social spending and better infrastructure over the next six years, expected to cost around 8 trillion rubles. The new oil tax changes will see an increase in the mineral extraction tax and a gradual reduction in oil and oil products export duty. The changes will be introduced step by step over the next six years starting from Jan. 1, 2019. “The oil industry expects 2 trillion rubles worth of free cash flow this year. This is the money which they may send either for dividends, share buybacks […]