Russia Plans to Triple Mining Extraction Tax to Plug Deficit (1)

Russia plans to more than triple mineral-extraction taxes on mining companies from next year to curb its budget deficit after the nation’s finances took a hit from lower oil prices and the Covid-19 crisis.

The proposal covering most metals and fertilizers will be filed to the lower house of Parliament for assent, after being approved by the government on Wednesday, Finance Minister Anton Siluanov told reporters. There will be exemptions for coal, diamonds and gold. Siluanov said miners have some of the lowest levels of taxation.

“We try to bring some justice here,” the minister said. “These are additional resources ...