Word: russian
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...example, Harvard said Surgut reported a 51.042 billion Russian rubles ($1.755 billion in the U.S.) profit to the government, but only a 17.371 billion Russian rubles ($597 million) profit to shareholders...
Harvard said in the claim that Surgut violated Russian law with its reports to company investors...
...company’s statement said Surgut is forced to heavily invest in capital because, unlike the U.S. tax code, the Russian Federation tax code does not allow tax reductions for exploration, drilling and construction. Surgut said it would suffer huge tax losses that would harm shareholders if it chose not to make capital investments...
Surgut added in the statement that deducting capital investment from net profits is legal in the Russian Federation, and that it had a nearly decade-long history of deducting the cost of capital investments before declaring net profits to shareholders...
...statement, Surgut said that Russian law makes Harvard’s attempt to arbitrate the case in America—rather than in the Russian Federation—illegitimate...