Russia to provide state support for ailing coal industry
MOSCOW, May 30 (Reuters) - The Russian government said on Friday it had agreed to support the struggling coal industry, including by deferring tax payments, as well as by limiting dividends and bonuses to top management.
Russian coal producers face a number of challenges, including international sanctions over Ukraine. According to the government, the country's coal exports fell almost 8% to 213 million tonnes last year, while production rose 1.3% to 438 million metric tons.
The European Union, which previously depended on Russia for around 45% of its coal imports, banned supplies from Russia in 2022.
Under the government measures, Russian coal companies will be granted a deferral of mineral extraction tax (MET) and insurance contributions until December 1 2025.
The possibility of debt restructuring is envisaged for indebted companies, taking into account the position of the Central Bank of Russia, the government added.
Russia's NEFT Research consultancy said Russia's coal exports have been declining due to the international sanctions, rising transportation costs and weaker demand.
It cited energy ministry data, which showed that the Russian coal industry had lost 1.2 trillion roubles ($15 billion) since 2022 due to the sanctions, including the loss of lucrative markets in Europe and difficulties in getting payment for supplies.
($1 = 78.5000 roubles)
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