Russian President Vladimir Putin has rubberstamped a set of amendments to legislation that remove or amend tax exemptions and privileges for domestic oil producers from 1 January next year — though state-controlled giant Rosneft will see some benefit.

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The amendments were submitted for approval from the lower house of the parliament, the Duma, in September after global oil prices failed to climb above $50 per barrel, contrary to expectations from the Kremlin after agreeing further output cuts with Opec in the Opec+ alliance.