MOSCOW, May 21 (RIA Novosti) – Russia must reduce the share of oil and gas state revenues and gradually cut oil prices, which could provide for a balanced budget, Russian Finance Minister Anton Siluanov said Wednesday.

The Russian Finance Ministry has called for decreasing the non-energy budget deficit, or deficit which excludes revenues from its...

BRUSSELS, May 21 (RIA Novosti) – The European Commission believes Russian gas giant Gazprom is responsible for deliveries to Europe in the required volumes, European Commission President Jose Manuel Barroso said in a letter addressed to Russian President Vladimir Putin.

“It therefore continues to be Gazprom’s responsibility to ensure the deliveries ...

SHANGHAI, May 21 (RIA Novosti) — Russia’s Gazprom CEO Alexey Miller refused to name the price for gas deliveries to China, citing it as a "corporate secret."

"This is a corporate secret," Miller told journalists Wednesday.

Experts estimate the price around $350 per 1,000 cubic meters.

Russia and China agreed on a long-term gas supply contract in...

MOSCOW, May 21 (RIA Novosti) – The long-term gas supply deal signed between Russia and China Wednesday envisages preferential tax regimes, Gazprom CEO Alexei Miller has said.

“The sides have foreseen providing preferential tax regimes,” Miller told journalists without giving further details.

Earlier today, Russia’s gas major Gazprom and the China N...

MOSCOW, May 21 (RIA Novosti) – Russian military forces that took part in military drills in the Rostov, Belgorod, and Bryansk regions on the border with Ukraine are returning to their permanent bases, the Russian Defense Ministry said Wednesday.

“Within 24 hours the units removed their field camps and facilities, completed the loading of materials, ...

WASHINGTON, May 21 (RIA Novosti), Lyudmila Chernova – A long-negotiated gas deal between China and Russia is part of the coming shift toward a multipolar world, Dr. Richard Wellings, Deputy Editorial Director at the Institute of Economic Affairs (IEA), told RIA Novosti Wednesday.

“It’s part of the monumental shift in world trade. And this is pro...

MOSCOW, May 21 (RIA Novosti) – This year’s discussion at the St. Petersburg International Economic Forum (SPIEF) is expected to be more animated than previous sessions and the quality of the program will not be affected by the refusal of top officials of several foreign companies to attend, a member of the forum’s organizing committee said.

"In...