Putin has imposed a moratorium on state support for oil field development. Rosneft and Gazprom have requested such support

Russian President Vladimir Putin has ordered a moratorium on state support measures for the development of oil fields.

The moratorium has been introduced until December 31, by which time the government must conduct an inventory of oil reserves to determine their economic viability.

• Rosneft and Gazprom Neft asked the authorities for benefits for the development of the Priobskoye field in early 2019. The companies wanted to be granted a tax deduction from the mineral extraction tax proportional to the remaining reserves at the field for 10 years.
• According to the Finance Ministry's estimates , fulfilling Rosneft's request would cost the budget 460 billion rubles in lost revenue over 10 years. Gazprom Neft's benefits, according to RBC's calculations, would lead to 140-200 billion rubles in lost revenue.