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Russian Economy Ministry against collecting companies' windfall revenues —source

The list of companies includes NLMK, Severstal, Magnitogorsk Iron and Steel Works, Mechel, Metalloinvest, Evraz, Norilsk Nickel, Alrosa, Polyus, Sibur, Uralkali, Phosagro and others

MOSCOW, August 16. /TASS/. The Russian Ministry of Economic Development has a negative attitude towards the proposal made by Russian presidential aide Andrei Belousov on collection of extra revenues from chemical and metals companies to the budget, a source in the financial and economic block of the government told TASS on Thursday.

"The position of the Economic Development Ministry is negative," the source said.

The idea to withdraw 513.7 bln rubles ($7.7 bln) from the metallurgical and chemical companies from their additional revenues was previously proposed by Andrey Belousov in a letter to Vladimir Putin. According to Belousov, the money can be spent on the implementation of the May presidential decree.

The list of companies includes NLMK, Severstal, Magnitogorsk Iron and Steel Works, Mechel, Metalloinvest, Evraz, Norilsk Nickel, Alrosa, Polyus, Sibur, Uralkali, Phosagro and others.

According to the estimates of the Russian Union of Industrialists and Entrepreneurs, the capitalization of the Russian stock market as a result of these measures may fall by 3 trillion rubles ($45 bln). The organization also warned that Belousov's initiative would negatively affect the country's investment attractiveness.

The implementation of the initiative on taking out additional revenues from metal and chemical companies in Russia may affect their profitability, Fitch rating agency said earlier this week.