Russia may impose windfall tax on metals

RUSSIA / FSU POLITICS - In Brief 01 Jun 2021 by Alex Teddy
On May 31 deputy prime minister said that metals companies have unfairly avoided USD 1.4 billion in tax. Andrei Belousov said the government will introduce a windfall tax on the sector. He said the sector ''tricked'' the government. Putin's spokesman supported the windfall tax.Metals companies have hiked domestic prices. Allegedly this has been higher than the global price rise.Share prices in the major metals companies fell on May 31 when the interview was aired. Severstal saw a 6% drop but then recovered partly. Nornickel lost 2.4%.Metal prices have risen a great deal since Q4 2020. That is as industrial production in major economies has sped up. 2021 has been the best year for Russian metals since 2016.The Federal Anti-Monopoly Service is investigating steel manufactures for allegedly keeping prices artificially high.

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