Russian Prime Minister approves temporary export duties on metals

Russian Prime Minister Mikhail has signed a decree that will impose export tariffs on ferrous and non-ferrous metals from August 1 until December 31, 2021.

"Russia will impose export tariffs on ferrous and non-ferrous metals from August 1 to December 31, 2021," the cabinet said. "This decision was made to curb the price rise of metal products in the domestic market."

The news service said that affected by global price dynamics, "the tariff will include the basic tax rate (15%) and specific components. The value of the latter will be calculated according to the type of metal (for non-ferrous metals) or the degree of conversion of the product (for ferrous metals)

"Tariffs apply only to exports outside the Eurasian Economic Unio," the cabinet added. "The introduction of tariffs will help ease the impact of external market situation on the domestic market and adjust the prices of metals and metal products."