It was understood that Russia is considering a longer-term measure to gain more profits from the mining industry after the temporary export taxes on steel, nickel, aluminum, and copper ends at the end of this year. The temporary export taxes were previously announced to be imposed with at least 15% taxes from August 1 to December 31 this year, so as to curb soaring commodity prices and boost the national treasury.

According to people familiar with the matter, officials are now considering changing mineral extraction taxes, and the rate will be related to the price of raw materials so that taxes will be imposed when the market rises.

This measure might take the place of the 2022 export taxes, and a final determination will be made after the parliamentary elections in September.