Russian govt sub-commission extends suspension of coal export duty until Dec 2024 - ministry

MOSCOW. Aug 26 (Interfax) - The Russian government sub-commission on customs and tariff and non-tariff regulation has backed a proposal by the Russian Energy Ministry to extend the suspension of the export duty on coal for three months, until December 2024, the Russian Economic Development Ministry's press office said.

The purpose of the measure is to maintain the profitability and export volumes of Russian coal enterprises, it said.

"We consider this decision to be timely given the current global coal price situation," the press office quoted the Energy Ministry as saying.

The Russian government introduced the export duty linked to the ruble's exchange rate against the U.S. dollar on a broad range of goods, including coal, for the period from October 1, 2023 to the end of 2024. The duty is 4% at an exchange rate of 80-85 rubles/$1, 4.5% at a rate of 85-90 rubles/$1, 5.5% at 90-95 rubles/$1 and 7% when the exchange rates is over 95 rubles/$1.

Coal was exempted from the duty at the end of December 2023. The government later reinstated the export duty on coal as of March 1 and it was supposed to remain in place until February 28, 2025, but in May the duty on thermal coal and anthracite was again suspended for the period from May 1 to August 31.