Overseas
June 25, 2021
CRU News: Russia Plans Export Duties to Offset Higher Metal Prices
Written by CRU Americas
The Russian government has proposed levying tariffs on the country’s ferrous and non-ferrous exports from Aug.1 until year-end to offset extra costs faced by the state’s sub-contractors due to much higher metal prices.
“In order to rule out price manipulation during export, as well as the temptation to understate the value of export contracts and so on, we propose to introduce a combined duty consisting of an ad valorem rate of 15%, and a specific one, which will be a minimum rate per tonne,” economic development minister Maxim Reshetnikov was quoted as saying by Interfax news agency.
