Alexey Mordashov, the main shareholder of Severstal and chairman of the board, spoke at the international export forum Made in Russia during the session on the new trade architecture and economic interaction of the EAEU. He warned that the dollar exchange rate used for export taxes could limit Russia’s exports, according to reports from TASS.
He added that no one can restrict exports as much as export taxes might, noting that while the budget situation, renewal needs, and tax system adjustments are clear, there is a desire to avoid extremely painful and risky decisions.
Prior to this, Kommersant reported that the government is weighing the possibility of adding to the export tax based on the ruble exchange rate. The proposal would take into account world prices for taxable goods as part of the calculation, though exact details of the new formula have not yet been released.
Market participants who have followed the innovation say the outcome will hinge on the choice of the world price indicator that feeds the formula.
Earlier discussions raised questions about how a weaker ruble could influence the broader economy, including inflation, investment, and growth trajectories.