Russia Exporter-Tax Anxiety Spurs Worst Run for Stocks in Year
- Uralkali, United Co. Rusal lead retreat on Micex Index
- Government proposals so far only target oil industry
This article is for subscribers only.
Russian stocks headed for their longest streak of losses in more than a year as the nation’s biggest oil and mining companies fell on concern they may be targeted in a government drive to extract more taxes to cover a budget shortfall.
Uralkali PJSC, Russia’s largest potash company, fell 2.8 percent, contributing to the benchmark Micex Index’s 0.8 percent drop. The gauge has lost almost 7 percent in the last six days, trimming its advance this year to 16 percent. The ruble traded little changed against the dollar at 66.3860 by 5:02 p.m. in Moscow.