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Russia’s August mineral extraction tax proceeds set to rise 3.5%

Kitco Media
By Reuters
Published:
Updated:
Reuters
Russia’s August mineral extraction tax proceeds set to rise 3.5% teaser image

Russia’s total mineral extraction tax proceeds on crude oil for August production are set to rise by around 3.5% to 600 billion roubles ($7.42 billion), compared with 580 billion roubles in July, Reuters calculations showed.

The increase was driven by a $13.8 per metric ton rise in the export duty, according to the MET formula, and a 1.77% weakening of the rouble against the US dollar.

Russia’s August MET revenue on oil will fall short of the monthly target set by the government, Reuters calculations showed.

In June, Russia revised down its forecast of MET proceeds on crude to 7.53 trillion roubles, or roughly 640 billion roubles, for August.

Measured per metric ton, Russia’s MET proceeds on crude oil are estimated at 22,054 roubles per ton in August, up 2.6% from 21,501 roubles in July, Reuters calculations showed.

MET payments for August production are due by September 29 as part of the unified tax payment.

($1 = 80.5947 roubles)

(Editing by Barbara Lewis)

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