The Russian government will not impose export duties on thermal and coking coal at the beginning of 2023. However, the authorities are going to monitor the market conditions in Q1.
Earlier, it was expected that coal exported would be charged if FOB price exceeds 150 USD/t for steam coal and 170 USD/t for coking coal. The tariff in all cases had been considered at the rate of 40%. Additional revenues to the Russian budget from coal duties were expected in the amount of about USD0.5 billion.
However, despite the introduction of export duties being scrapped, coal mining enterprises will still be facing an increased tax burden. From January 1 to March 31, 2023, MET (mineral exploration tax) rates for thermal and coking coal, as well as for anthracite will be expanded bringing to the state budget another USD0.2 billion.