According to announcement from the Minister of Finance of Russia, an agreement has been reached by the Russian government to impose a windfall tax on big companies operating in Russia. A proposed tax on large company’s excess profits is set to be imposed at a rate of 4% to 5% for the years 2021 and 2022, subject to approval by parliament. It is estimated that the budget will generate an extra RUB 300 billion in revenue. The Minister of Finance has given an assurance that the tax would not be applicable to taxpayers involved in the oil and gas industries, as the government has already raised their tax obligations for the years 2023-2025.