The Russian Ministry of Finance said it is awaiting the Industry and Trade Ministry’s position on whether to introduce an excise duty on imported steel. Officials explained that the Finance Ministry will not make any determination on the tax until it receives that stance. The matter is being treated as part of the broader budget planning cycle, with the Finance Ministry ready to act once the Industry Ministry signals its view.
According to the official, once the Industry and Trade Ministry’s position is known, the Finance Ministry will decide by the second reading of the legislative process whether corresponding amendments to the Tax Code are necessary. The second reading is the stage in parliamentary consideration where detailed changes are examined and voted on, making it the decisive moment for any tax adjustments related to steel imports.
Separately, the Finance Ministry is set to hold a meeting with the Russian Association of Industrialists and Entrepreneurs (RSPP) to discuss business proposals for changes to the super‑profits tax. The meeting will cover a range of ideas from the business community, and there are no plans for separate industry‑specific sessions. Officials noted that the discussion is integrated into the overall budget planning process, with the aim of identifying measures that could bolster state finances.
These external factors are influencing the ministry’s forecasts, even as the precise fertilizer‑related windfall tax figures remain open.
The Finance Ministry emphasized that any additional revenues generated from revisions to the super‑profits tax would be expected to strengthen the country’s budget system.
In parallel, the Finance Ministry is preparing to discuss windfall tax proposals with the RSPP. Officials said the exact amount of potential tax receipts from fertilizer producers has not yet been determined, pending the finalization of year‑end fertilizer prices for 2026. The meeting will allow the ministry to hear the industry’s views before any numbers are finalised.
The briefing also noted that the increase in projected revenues from gas excise duties and the mineral extraction tax on fertilizer producers is being attributed to exchange rate fluctuations and commodity benchmarks. These external factors are influencing the ministry’s forecasts, even as the precise fertilizer‑related windfall tax figures remain open.
Both key events are scheduled for the same date: on 2026-10-19 the Industry and Trade Ministry’s position on the potential steel excise duty is awaited, and on that same day the Finance Ministry will hold its discussion of windfall tax proposals with the RSPP. The coincidence underscores the intensity of the ministry’s autumn agenda.
Alexey Sazanov, speaking for the Finance Ministry, captured the dual focus of the work: “We are waiting for the Industry and Trade Ministry’s position on this matter. Based on that, we will decide by the second reading whether corresponding amendments to the Tax Code are necessary.” He added, “Revenues from the windfall tax are already budgeted. Therefore, we will certainly meet with our RSPP colleagues to hear their proposals.”