Raiffeisen Bank Int'l to pay 50-100 mln euros for Russia's windfall tax depending on payment timeframe

MOSCOW. Aug 1 (Interfax) - Raiffeisen Bank International (RBI), which owns Russia's Raiffeisenbank, is subject to an estimated windfall tax of up to 100 million euros, RBI said in a statement.

RBI's statement notes that some details of the Russian windfall tax mechanism are not yet entirely clear and are subject to interpretation, though both the base rate of 10% and the actual rate for those taking advantage of the advanced security deposit rate of 5% are known.

RBI estimates windfall tax payments at 100 million euros at the 10% rate and at 50 million euros at the 5% rate.

The State Duma has adopted and the Federation Council has approved the bill on the windfall tax for 2021-2022, which is expected to generate around 300 billion rubles in additional revenue for the federal budget by the end of this year. There have not been any reports on whether the Russian president has signed the document.

Only a few taxpayers have publicly announced the approximate amounts of their respective windfall payments to date, including Raiffeisenbank's competitor and Russia's market leader, Sberbank , with CEO Herman Gref back in April having estimated payment at about 10 billion rubles.