Transneft faces liquidity risk amid tax hike approval
Transneft PJSC, the Russian state‑controlled pipeline operator, is forecasting a cash shortfall as two forces bear down on its finances: a doubling of the profit tax and a lagging tariff index that does not keep pace with inflation. The company reportedly projects a liquidity gap reaching about 582 billion rubles by the end of 2029 and has asked Deputy Prime Minister Alexander Novak to back relief measures, according to RBC.
Industry observers note that the combination of delayed tariff adjustments and a higher tax burden could worsen cash flow pressures. Tariffs are not consistently indexed to actual inflation, while the tax load rises, increasing the risk of liquidity stress in a period of uncertain market conditions.
On November 26, the State Duma passed a bill to raise the profit tax for Transneft and other natural monopolies that transport oil and refined products through the main pipeline system to 40 percent. The higher tax rate would apply from 2025 through 2030.
Earlier, Aleksey Sazanov, Deputy Finance Minister, told a meeting of the State Duma Committee on Budget and Taxes that Transneft would face a higher profit tax due to its monopoly status.
Forbes had previously named Transneft among Russia’s most profitable companies, a status that now faces new fiscal changes that could reshape profitability and cash flow for the state linked pipeline giant.