Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
On March 1st, the Russian government re imposed coal export taxes and extended the tax period until February 28th, 2025. From August 2023 to January 2024, Russia suffered a daily loss of 9 to 22 million euros in coal export revenue.
The currency tariff for coal exports was first implemented in October 2023, but it was decided at the end of December that no tariffs would be imposed on coal exports starting from January 1, 2024. Mainly because there is a high demand for Chinese coal imports from Russia, and China has begun to impose import tariffs on coal. The new flexible export tariffs show tax rates ranging from 4% to 7% based on the ruble exchange rate. If the ruble exchange rate is below 1 US dollar to 80 rubles, tariffs will be cancelled.
In addition to currency tax, the Ministry of Finance also plans to increase the mining tax rate for coal. In 2023, due to the loss of the European market and sanctions, Russia's coal industry suffered a blow. In 2023, coal production decreased by 1.1% and coal exports decreased by 3.9%. More coal exports are shifting towards Asia, mainly China and India. Türkiye is another buyer of Russian coal. The share of Russian coal will rise sharply to 46% in 2022 and 58% in 2023.
Nowadays, global coal prices are falling, and such tariffs and mining taxes will weaken the competitiveness of Russian coal in the international market.
