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Russian Energy Ministry backs decision to return floating coal export duty

The duty will range from 4% to 7%, depending on the national currency rate

ALGIERS, March 1. /TASS/. The Russian Energy Ministry supports the decision to return flexible export duties on hard coal exports, Minister Nikolay Shulginov told reporters on the sidelines of the Gas Exporting Countries Forum.

"The Ministry of Energy supports the return of flexible export duties on hard coal pegged to the ruble rate," the minister said.

The Russian Cabinet introduces flexible duties for hard coal exports pegged to the ruble rate against the dollar from March 1 to February 28, 2025, the government said earlier.

The duty will range from 4% to 7%, depending on the national currency rate. It will be 4% at the rate of 80-85 rubles per dollar, 4.5% - for 85-90 rubles per dollar, and 7% when the rate is above 95 rubles.

The duty will be zero when the rate will be lower than 80 rubles per dollar.

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