Russia is not running out of oil, but it’s running out of cheap oil. Key tools to keep oil and gas production growing are the tax and license policies. This paper examines the recent developments within tax and license policies and assesses their impact on particularly offshore development projects. While offshore license processes have lost its future importance by granting vast areas to state-owned companies marginalizing the scope for future license awards, offshore taxation at the outset looks to be attractive for companies looking to invest in Russia, but practices of perpetual amendments to tax rates and practices give cause for caution.

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