Russia’s lower house of parliament approved on Tuesday amendments in the country’s tax code that would slap a windfall tax on Gazprom of the equivalent of $20 billion between September and November, which will boost Russia’s tax revenue income.
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Gazprom and Russia are seeing a windfall of revenues from gas sales as the Russian invasion of Ukraine sent energy prices soaring. Gazprom’s recent reduction of gas supply to Europe has also pushed up European prices higher amid concerns that the EU will face a winter of recession and rationing if it doesn’t have its gas storage at least 80% full by October.
Russia is said to be earning more than $100 million every day from the gas it sells to Europe despite the slashed deliveries to major EU consumers in recent weeks, according to data from Independent Commodity Intelligence Services (ICIS) cited by Bloomberg at the end of last month.
I wish I had stock in the Russian companies that make artillery shells. A study indicates that Russian troops fire more artillery in 10 days than the US can manufacture in one year. Something to remember.