Reuters

Published at

June 2, 2025 at 12:00 AM

Russia to provide state support for ailing coal industry

MOSCOW, May 30 (Reuters) - The Russian government said on Friday it had agreed to support the struggling coal industry, including by deferring tax payments, as well as by limiting dividends and bonuses to top management.

Russian coal producers face a number of challenges, including international sanctions over Ukraine.

Russia's coal exports fell 6% last year, pressured by infrastructure disruptions as well as the sanctions, the International Energy Agency has said.

President Vladimir Putin in December ordered the government to develop support measures.

According to a government letter seen by Reuters, Deputy Prime Minister Alexander Novak told Putin last month that the sector's financial health had continued to deteriorate, with 30 enterprises - employing roughly 15,000 people and producing around 30 million metric tons annually - at risk of bankruptcy.

The European Union, which previously depended on Russia for around 45% of its coal imports, banned supplies from the country in 2022.

With U.S., European Union and British bans on Russia's coal imports in place, more than 80% of its exports now go to Asia.

Under the government measures, Russian coal companies will be granted a deferral of mineral extraction tax (MET) and insurance contributions until December 1, 2025.

The possibility of debt restructuring is envisaged for indebted companies, taking into account the position of the Central Bank of Russia, the government added.

According to the government, Siberian coal producers will receive a reduced exporting tariff for supplying coal to north-west and south.

Russia's NEFT Research consultancy said Russia's coal exports have been declining due to international sanctions, rising transportation costs and weaker demand.

It cited energy ministry data, which showed that the Russian coal industry had lost 1.2 trillion roubles ($15 billion) since 2022 due to the sanctions, including the loss of lucrative markets in Europe and difficulties in getting payment for supplies.

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