The Russian State Duma (lower house of parliament) is considering a draft law for the introduction of an excess profits tax (windfall tax) on banks and companies engaged in the extraction of hydrocarbon raw materials, the processing of petroleum raw materials, and the production and export of liquefied natural gas. The one-off tax would be levied at a rate of 10% on the excess profits of in-scope resident companies and non-resident companies operating in Russia through a permanent establishment if their average profits in 2024 and 2025 exceed RUB 1 billion. SMEs and certain others would be exempt. The tax...