Russian Mining Companies Face Proposed 30% Tax on Excess Profits

14:40; 24 September 2026 year

### Russia Proposes Windfall Tax on Mining and Metallurgy Companies The Russian Ministry of Finance is proposing to introduce a windfall tax of 30% on the additional income of certain mining and metallurgy companies in 2026, resulting from the rise in global prices for solid minerals compared to the base year of 2025. For gold mining companies, the tax rate would be set at 20%. The proposal aims to address the sharp increase in global prices for certain products of rent-seeking industries (precious and non-ferrous metals, fertilizers, etc.) observed in 2026, which has led to significant additional profits for these companies, according to the ministry. This is not the first time Russia has introduced a windfall tax. In 2023, the government implemented a similar tax at a rate of 10% on profits exceeding those of the 2018-2019 period, resulting in an additional revenue of over 300 billion rubles for the state budget.

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