Russian exporters of mineral fertilizers may face large carbon tax payments

According to the statement of Mikhail Ivanov, Deputy Minister of Industry and Trade of Russia, expenses of Russian exporters of mineral fertilizers after the introduction in the European Union of a border carbon tax will amount to €500 million (approximately $591.5 million).

“We have calculated the potential costs that could be incurred if a border carbon tax was introduced for these product groups. As follows from our calculations, at the rate of €53 (about $63) for the cost of a ton of carbon dioxide on the European exchange, the volume of losses is equal to €500 million,” said Mikhail Ivanov.

Mikhail Ivanov also noted that in 2030-2035, the rate of carbon dioxide emissions will almost double, which will lead to expenses of a billion euros. This is the amount of potential tax that can be collected from Russian exports, he said.

Source: Finanz.ru