Russia is considering abolishing export duties on gold, state news agency TASS reported Tuesday, citing the director of the finance ministry's tax policy department.

Russia was in 2022 ranked as the world's second biggest gold miner, after China and before Australia, according to the World Gold Council. Russian gold exports are not published.

When asked about the possible abolition of export duties on gold as the mineral extraction tax was being increased, Danil Volkov, director of the finance ministry's tax policy department, said: "This issue is being considered at the moment."

Russia's lower house of parliament last week passed a bill to increase the mineral extraction tax on gold from June to December 2024 to compensate for budget losses due to falling export revenues.

Russian Deputy Finance Minister Alexei Sazanov said that this would bring 15 billion rubles to the budget by the end of the year.

Russia's Polyus's says it is Russia's largest gold producer. It reported

net profit rose 12%

to $1.7 billion last year thanks to increased production and sales. (Reporting by Anastasia Lyrchikova; editing by Guy Faulconbridge)