9 Oct 2023 09:41

Russia's Energy Ministry backs export duty exemption for electricity

MOSCOW. Oct 9 (Interfax) - Russia's Energy Ministry supports power company Inter RAO's appeal to the government to exclude electricity from the sectors subject to export duties, Energy Minister Nikolai Shulginov told reporters.

"The company first approached us. We support such an appeal to the government," Shulginov. Meanwhile, "Inter RAO is negotiating with partners independently on raising prices for export supplies," he said, adding that an agreement has already been reached with Mongolia, while talks with China are continuing.

The Russian government recently approved a resolution to impose export duties from October 1, 2023 to the end of 2024 on a broad range of goods in the amount of 4%-7% when the U.S. dollar's exchange rate is 80 rubles or more; the duty increases as the ruble weakens. Commodities that are exempt from the duty include oil, gas, grain and forest products.

Inter RAO, the sole operator for Russian electricity exports and imports, said last week that it had conducted successful negotiations with Mongolia to raise prices and supplies to this country are continuing. "Negotiations with China have not concluded. Partial restrictions of supplies have begun," the company said.

Inter RAO CEO Alexandra Panina said earlier that the company planned to ask the government to exempt electricity from the new export duty.