MOSCOW, June 28. /TASS/. Russian banks with foreign participation will also pay excess profit tax, Deputy Finance Minister Alexey Sazanov said on Wednesday.

"Regarding foreign banks, all companies that are with Russian or foreign participation, will qualify for this tax, including banks with foreign participation," he said at a plenary session of the State Duma (lower house of parliament).

Earlier, the Russian government submitted to the Duma the bill imposing a windfall tax for large companies with the arithmetic mean value of profit for 2021 and 2022 exceeding 1 bln rubles ($11.5 mln), with the tax rate set at 10 per cent. If adopted the document will take force on January 1, 2024. Meanwhile, the bill does not cover companies operating in the oil and gas sector or coal production.

According to Sazanov, the production of solid commercial minerals will account for 20% of the windfall tax, the production of fertilizers - for 19%, metals - 13%, trade - 12%, and banks - 9%.