Bloomberg Law
July 5, 2022, 10:00 AM

Russian Lawmakers Back Windfall Tax on Gazprom Amid Gas Rally

James Herron
James Herron
Bloomberg News

Russian lawmakers approved a temporary windfall tax on energy giant Gazprom PJSC, a move that will channel billions of dollars into state coffers as natural-gas prices soar.

The producer is set to pay an additional 1.25 trillion rubles ($22.2 billion) in mineral extraction tax from September to November, or 416 billion rubles each month, according to a bill adopted by the lower house of parliament on Tuesday. It still requires approval from the upper chamber and the president.

European gas prices have more than doubled this year as Russia’s war in Ukraine -- and resulting international sanctions -- drive ...

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