The idea to withdraw excess profits from mining firms was introduced by Deputy Finance Minister Alexei Sazanov last month but he said the government had not yet made any decision at that point.

“Starting from the next year, from January 1 I think, new higher taxes on mineral extraction will be imposed. This concerns the metals industry,” said Putin at a meeting with construction workers.

It would be the third tax increase for the Russian metals and mining industry since the start of this year, when the government raised the MET export tax for metals firms to boost proceeds for the pandemic-hit budget.