Russia Proposes 30% Windfall Tax on Miners' 2025 Superprofits

Russia's Finance Ministry proposes a 30% tax on additional income of mining and metallurgical companies in 2025, tied to world price increases over a 2024 base. This is a targeted fiscal measure, not a broad tax reform, and its impact depends on commodity price trajectories. It signals state capture of windfall gains amid high metals prices, potentially affecting investment and equity valuations.