Moscow, September 25, 2026: Russia’s Finance Ministry has proposed a new tax on additional revenues earned by certain mining and metals companies as Moscow seeks to strengthen government finances amid elevated military spending and weaker oil revenues. The proposal forms part of Russia’s draft budget package for 2027–2029.
Under the proposal, selected producers of non-ferrous metals and other solid minerals would face a 30% tax on additional revenue generated by higher global commodity prices compared with a 2025 baseline. Gold producers would face a separate 20% rate. The Finance Ministry said the measure is intended to capture additional resource-rent income generated by the sharp increase in prices for certain commodities during 2026.
Focus on Commodity Windfalls
The proposed levy would cover selected companies in the mining and metallurgical sectors, as well as fertilizer producers. The government is seeking to capture a greater share of gains that companies have received from higher international prices while increasing revenues for federal and regional budgets.
The proposal comes as Russia faces a widening fiscal gap. The Finance Ministry has projected a budget deficit equivalent to around 2% of GDP over the coming three-year period and has identified defence and security spending as a strategic priority.
Impact on Mining Companies
The prospect of higher taxation has already affected investor sentiment toward Russian commodity producers. Russian shares of several metals, fertilizer and gold companies declined after details of the proposed tax emerged, according to Russian business publication RBC.
The new proposal follows earlier discussions about imposing a windfall levy on commodity producers to help finance the government’s budget requirements. Similar measures were introduced in Russia in 2023 as fiscal pressures increased following the start of the war in Ukraine.
If approved, the measure would make mining and metals companies an important additional source of government revenue as Russia attempts to balance higher defence expenditure with weaker revenues from some traditional sources.