Russia Takes Aim at Exporters With Tax Targeting Windfall
- Measure is seen as a form of capital control by exporters
- Government hopes levy will generate extra $1 billion per month
Shipping containers at a depot in Moscow.
Source: Bloomberg
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Russia will impose a new tax on exporters to support its strained wartime budget by soaking up excess revenue companies reap when the ruble depreciates.
The levy, which kicks in once the ruble weakens past 80 per US dollar, will be effective from Oct. 1, according to a government statement on its Telegram channel. The tax is aimed at ensuring domestic market supply and will run through the end of 2024, the government said.