Russia plans to increase taxes for mining and oil companies

The Russian finance ministry plans to increase taxes for mining companies and the oil industry, as Moscow seeks to plug the holes in its budget caused by the backdrop of a falling ruble, loans to support crisis-stricken Belarus and expectations of three years of budget deficit. By doing this, Russia is expected to bring in 340 bln rubles a year.
Lawmakers voted to approve the bill in the first of three readings in the Duma, Russia’s lower house of parliament. Russia plans to triple the mineral extraction tax (MET) on metals and fertilizer producers, to scrap a zero MET on high-viscosity oil and get rid of a lower rate of MET for mature oilfields.