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| Russia may peg tax on mining firms to global metals prices in 2022 to protect sector from price spikes | Russia may peg tax on mining firms to global metals prices in 2022 to protect sector from price spikes |
| (30 days later) | |
| Russian authorities are mulling the idea of pegging a mineral extraction tax (MET) levied on metals producers to the global price of their products as soon as next year, according to Deputy Finance Minister Aleksey Sazanov. | Russian authorities are mulling the idea of pegging a mineral extraction tax (MET) levied on metals producers to the global price of their products as soon as next year, according to Deputy Finance Minister Aleksey Sazanov. |
| The measure will reportedly allow the withdrawal of the super-profits the industry commonly generates when global prices for the produce spike. | The measure will reportedly allow the withdrawal of the super-profits the industry commonly generates when global prices for the produce spike. |
| “There’s an idea that some excess profit should be withdrawn in the period of a surge in prices caused by the commodity ‘super-cycle,’” the official said. “We are talking about tying the MET rate to the price of the product.” | “There’s an idea that some excess profit should be withdrawn in the period of a surge in prices caused by the commodity ‘super-cycle,’” the official said. “We are talking about tying the MET rate to the price of the product.” |
| Sazanov said the commodity super-cycle was unlikely to extend beyond 2022. The uptick, in his view, would be mainly attributable to the ending of lockdowns across much of the world. | Sazanov said the commodity super-cycle was unlikely to extend beyond 2022. The uptick, in his view, would be mainly attributable to the ending of lockdowns across much of the world. |
| “After full demand, saturation occurs and we can expect the completion of super-cycles,” he said. | “After full demand, saturation occurs and we can expect the completion of super-cycles,” he said. |
| In a broader attempt to protect the country’s defense and construction sectors from a further increase in raw-materials costs as metals prices rise globally, the Kremlin has introduced new export taxes for steel, nickel, aluminum, and copper, which came into effect on August 1 and will be operational until the end of the current year. The measure is set to maintain domestic prices for metal products amid the worldwide prices spike. | In a broader attempt to protect the country’s defense and construction sectors from a further increase in raw-materials costs as metals prices rise globally, the Kremlin has introduced new export taxes for steel, nickel, aluminum, and copper, which came into effect on August 1 and will be operational until the end of the current year. The measure is set to maintain domestic prices for metal products amid the worldwide prices spike. |
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