Futures Jump in Russia as Government Moots Oil Tax Cuts
This article is for subscribers only.
Russian stock futures climbed and contracts for OAO Rosneft rose as the government said that it may cut levies for some oil fields as soon as next month, boosting revenue for crude producers.
Futures expiring in December on the RTS Index in Moscow added 0.6 percent to 151,370 in New York yesterday. Futures due in December for state-run Rosneft, the nation’s biggest oil company, advanced 0.4 percent. The Market Vectors Russia ETF, the biggest exchange-traded fund that holds Russian shares, gained 0.3 percent to 29.81. The Bloomberg Russia-US Equity Index of the most traded Russian shares in New York slipped to the lowest level since Sept. 12.