“We are planning no radical steps to decrease taxation on the oil industry,” said a spokesman for the Finance Ministry. Russia may raise taxes on the gas industry but has no plans to cut them for the oil sector despite complaints from oil firms that they need more cash for investments. Kommersant reports, however, that the Finance Ministry has acknowledged that the current system of taxation of oil companies is unworkable in the long term, and may revive a seven-year-old bill on the taxation of supplemental income. The International Energy Agency‘s deputy executive director has warned that the EU needs to examine closely Gazprom‘s strategies, saying the company was clearly focusing on acquisitions and not investing in upstream gas supply. Could the sudden recent arrest of Semyon Mogilevich have anything to do with Gazprom‘s recent push to be listed on the New York Stock Exchange?