Russia’s Severstal will need to pay $340m in extra taxes in 2022

Severstal, one of Russia’s largest steelmakers, will need to pay an extra 25 billion roubles ($340 million) in taxes in 2022 due to changes in the calculation of a mineral extraction tax and the excise tax on the metal, the company’s main shareholder Alexey Mordashov said.

Severstal has already paid around 25 billion roubles in export duties in 2021, Mordashov said in an interview with Rossiya 24 TV channel aired on Monday. ($1 = 73.5760 roubles)