Russia

The Russian government supports the extension of mandatory FX sales by major exporters for all of 2024. These measures proved to be effective and helped stabilize the situation in the domestic FX market, First Deputy PM Andrey Belousov. At the same time, Russia’s Finance Ministry wants to offset lost budget revenues due to the elimination of the exchange rate-linked export duty for the coal industry by raising the mineral extraction tax (MET) on coal, national daily Kommersant reported on Tuesday, citing industry sources.