According to recent reports, the Russian government has reached an agreement for the implementation of a windfall tax on large Russian companies. The tax, which must be approved in parliament, is to be levied at a rate of 4% to 5% on the excess profits of large companies in 2021 and 2022 and is expected to raise approximately RUB 300 billion. Taxpayers in the oil and gas sector, however, would be exempt. Further details will be published once available.