The Russian government is considering a near-threefold rise in the minerals extraction tax (MET) on iron ore from 2022 in order to balance the federal budget, sources told Fastmarkets on Wednesday September 15.
The current MET on conditioned ores of ferrous metals in Russia is applied at 16.8%. This is calculated from a fixed base rate of 4.8% multiplied by a coefficient, which is currently 3.5, according to the Federal Tax Service of Russia.It is the coefficient that the government is...