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Russia Considers Measures to Tap Mining Profits Once Export Tax Ends

  • Government weighs long-term changes to mineral extraction tax
  • That would replace temporary export duty, people familiar say

Russia is considering longer-term measures to grab a bigger slice of mining companies’ profits once a temporary export tax finishes at the end of this year, according to people familiar with the matter.

The government last month announced duties of at least 15% on steel, nickel, aluminum and copper exports from Aug. 1 -- with varying rates -- to help cool surging commodities prices and boost state coffers. It said the move would be temporary and that it would seek to develop more sustainable measures.