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20 Sep, 2022 11:48

Russia mulls windfall tax on energy exporters

The levy will target extra profits made from surging oil and gas prices
Russia mulls windfall tax on energy exporters

The Russian government may hike taxes on excess profits made by energy exporters. The move would reportedly add an extra $50 billion to the state coffers over the next three years, business daily Kommersant wrote on Tuesday.

Among the proposed steps are a hike in the export duty on pipeline gas to 50% from the current 30%, a duty on LNG exports (the industry is currently exempt from duties), higher gas prices on the domestic market and an increase in the mineral extraction tax. There is also discussion on increasing export duties on oil, coal and fertilizers, Kommersant says. The bulk of the money is expected to come from energy major Gazprom, the daily adds.

According to recent estimates, Gazprom’s export revenue doubled this year, propelled by surging natural gas prices which offset a sanctions-related drop in supplies to the EU.

Last month, the company revealed it earned $41.75 billion in net profit in the first half of 2022 alone compared to $29 billion for the whole of 2021.

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