Russian lawmakers support tax hike for mining companies

Russian lawmakers on Tuesday supported a plan by the finance ministry to increase taxes for some mining companies and the oil industry, in the first of three readings in the State Duma, Russia’s lower house of parliament.

Moscow is trying to plug holes in its budget and announed the plan, which is expected to bring in 340 billion roubles ($4.5 billion) a year, last week amid weak oil prices, loans to support Belarus and expectations of three years of budget deficit.