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Russian Lawmakers Back Windfall Tax on Gazprom Amid Gas Rally

  • Lower house of parliament passes amendments to tax legislation
  • Gazprom set to pay an additional 1.25 trillion rubles to state
A worker fits drilling pipes at a Gazprom PJSC gas drilling rig in the Kovyktinskoye gas field near Irkutsk, Russia.

A worker fits drilling pipes at a Gazprom PJSC gas drilling rig in the Kovyktinskoye gas field near Irkutsk, Russia.

Source: Bloomberg

Russian lawmakers approved a temporary windfall tax on energy giant Gazprom PJSC, a move that will channel billions of dollars into state coffers as natural-gas prices soar.

The producer is set to pay an additional 1.25 trillion rubles ($22.2 billion) in mineral extraction tax from September to November, or 416 billion rubles each month, according to a bill adopted by the lower house of parliament on Tuesday. It still requires approval from the upper chamber and the president.