Bearfotos pl.freepik.com Russia plans to triple the mineral extraction tax (MET) imposed on metal and fertiliser producers, to charge zero MET for high viscosity oil and eliminate the lower rate of MET for mature oil fields. All this as part of patching holes caused, among others, by pandemic and support for the Belarusian regime.
Russian legislators supported the plan to raise taxes for some mining and oil companies. Higher taxes will bypass the president's friends, which in turn raises opposition to the industry. Tax relief will maintain the energy leader Rosnieft ROSN.MM, headed by Igor Sieczin, a close ally of Vladimir Putin. The tax increase law removes the regions where Rosnieft has its oil fields, i.e. fields in the Chanty-Mansijsk region, in western Siberia.