The Russian authorities have announced their intention to revise the mineral extraction tax (MET) for the country’s producers of iron ore, coking coal and fertilisers in order to balance the state budget. According to local media sources, the rate applied for the MET is expected to be increased from 3.5 percent to around 10 percent, though no official approval has been announced yet.
Subsequently, a revised MET linked to global prices appears likely to replace the export duties, which were imposed by the Russian government in June this year as a measure to curb local price increases.