VLADIVOSTOK, September 9. /TASS/. Fiscal policies, including the exchange export duty, negatively influence the coal industry and the structure of coal export, Energy Minister Sergey Tsivilyov said in an interview with TASS at the Eastern Economic Forum (EEF), adding that the coal sector’s pre-tax profit fell by 97% in the first half of the year and it may plunge by 15-17 times by the end of the year.

"The point of the exchange export duty is in skimming of exporters’ excess profit due to a decrease in the exchange rate of the national currency. The key word is excess profit here. However, in reality the price of coal on global markets is low, the coal sector’s pre-tax profit fell by 97% in the first half of the year and it may plunge by almost 15-17 times by the end of the year," he said.

"A prudent adjustment of taxation mechanisms considering virtual environment is critical for Russian companies facing the strictest sanctions," the minister added.

The Eastern Economic Forum took place on the campus of the Far Eastern Federal University in Vladivostok on September 3-6. The main theme of the EEF this year was ‘Far East 2030. Combining strengths to create new potential’.

The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.

The Roscongress Foundation has served as the Forum’s organizer since 2016. TASS is the general information partner of the EEF.