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Russian gas companies: Vladimir Putin says tax burden should be increased


According to Interfax, Prime Minister Vladimir Putin described the current tax regime for Russian gas producers as economically unjustified and socially unfair. The Prime Minister said the tax burden should be increased. However, Putin mentioned that the changes should not affect the investment plans of the gas companies. 

We consider the news as an addition to the story about an increase in MET for gas companies. The government has already announced such intentions, so we think this is partially priced in by the market. However, the news is negative sentiment wise for gas producers.

Dmitry Loukashov, Ekaterina Rodina, Alexander Kirevnin, Elena Kopylova, Mikhail Zarkhi
VTB Capital analyst


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