11,024.33 TRY BIST 100 BIST 100
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

Russia reintroduces coal export duties to support budget

On 1 March Russian government reintroduced export duties on coal exports and extended them until 28 February 2025.

Russia reintroduces coal export duties to support budget

The aim of this decision is to increase the revenue share of the budget. Russia lost between €9 million and €22 million per day in coal export revenues from August 2023 to January 2024.

The currency duty on coal exports was first applied in October 2023, but at the end of December it was decided that from 1 January 2024 the duties would not be applied to coal exports, since China, where a significant share of Russian coal is exported, introduced its own import duties. According to the new flexible export duties the rate will vary from 4 to 7 per cent depending on the ruble exchange rate. If the ruble falls below 80 rubles per dollar, the duty is cancelled.

In addition to the currency duty, the Finance Ministry also plans to raise the mineral extraction tax rate for coal.
The Russian coal industry is facing serious problems in 2023 due to the loss of the European market and sanctions. Coal production in 2023 fell by 1.1 per cent and coal exports fell by 3.9 per cent.

Exports were shifted more towards Asia, primarily China and India. Turkey is another buyer of Russian coal. In the structure of Turkish coal imports, the share of Russian coal rose sharply in 2022 to 46 per cent, and in 2023 it already reached 58 per cent.

In the context of falling global coal prices, these duties and taxes may weaken the competitiveness of Russian coal on the international market.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Colombian iron and steel exports increase in volume but decline in value

Wednesday, July 10, 2024

ASEAN-6 region saw an increase in total scrap demand

Wednesday, July 10, 2024

New era in EU steel quotas : Türkiye hits capacity on 4 products

Thursday, July 11, 2024

Shyam Metalics and Energy announced its consolidated net profit in the 4th quarter

Thursday, July 11, 2024

Steel production on the increase in Spain!

Thursday, July 11, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now