Russian authorities are considering the possibility of introducing longer-term measures to remove excess profits from mining companies after temporary export duties expire at the end of this year, Bloomberg reported, citing sources. The final decision on the introduction of new measures is planned to be taken after the September elections to the State Duma.
According to the agency, the authorities are considering changes to the tax on mineral extraction. Rates are likely to be pegged to commodity prices, so fees will increase with market growth. Bloomberg sources note that other options are being considered to receive a portion of the mining industry’s revenues.
In June, the Russian government approved the introduction of export duties on ferrous and non-ferrous metals from August 1 to December 31, 2021. This measure is intended to restrain the rise in prices for metal products in the domestic market. Funds from duties can be used to compensate for the rise in prices for metallurgical products. According to Kommersant’s information, Russian metallurgists with assets in the United States will face double duty collection.
More details about duties – in the material of “Kommersant” “Metallurgists will pay for entry and exit.”