A tax increase on the extractive industries in 2016 should add further downward pressure on the oil sector in Russia, Fitch Ratings said. The Kremlin last week called for an increase in taxes on the extractive industries, which Fitch Ratings said should amount to about $3.3 billion from Russian oil companies next year. “The effective tax increase for Russian oil and gas producers in 2016 will reduce their operating cash flows and increase the need to cut capital expenditures further, for example by reducing drilling in mature provinces,” Fitch said. Low crude oil prices and sanctions imposed as a result of Russian action in Ukraine have put pressure on the Russian economy, already troubled by a depressed national currency. From the U.S. perspective, Russia’s decisions on the international stage are made from a position of economic weakness. In September, White House spokesman Josh Earnest said Russia’s “refusal to abide by basic international norms” was taking a “significant toll” on its economy.