RUSSIAN FINANCE MINISTRY SAYS PROPOSES TO EXPAND TAX RELIEF FOR GAZPROM - IFX

The Russian Finance Ministry has proposed expanding tax relief for Gazprom, according to a report carried by IFX. The headline does not specify the form, size, or timing of the relief, so the scope of any fiscal cost or benefit remains unclear. Tax relief for a company of Gazprom's weight transmits to markets mainly through the fiscal channel, improving the state-linked energy major's free cash flow and reducing pressure on its dividend and capital expenditure capacity, which in turn affects the outlook for Russian sovereign revenues and the government's budget balance. The most directly exposed instruments are Gazprom's domestic equity and bonds on the Moscow Exchange and the ruble, since any perceived shift in the budget position feeds into sovereign risk pricing and ruble sentiment. Traders should watch the Finance Ministry's detailed draft legislation and the next federal budget revision for quantification of the revenue foregone, as these will clarify whether the measure is a targeted adjustment or a broader fiscal loosening.

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