Russia plans export tax on ferrous and nonferrous metals to fight inflation
2021-06-28 09:30:05 【Print】
Russian Prime Minister Mikhail Mishustin signed a decree introducing export duties on ferrous and nonferrous metals to help cool domestic inflation after prices surge.
The government is proposing that a duty of at least 15% will be effective from Aug. 1 through year-end, with each metal also having a specific duty, Economy Minister Maxim Reshetnikov said.
Such a minimum duty for steel pellets can be $54 per ton, for hot-rolled flat products and rebar – $115, for cold-rolled products – $133, for stainless steel and ferroalloys – $150.
Reshetnikov also said that for non-ferrous metals duty rates could amount to $1,126 per ton of copper, as well as $2,321 for nickel and $254 for aluminum.
The duties will not affect exports to member states of the Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
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The government is proposing that a duty of at least 15% will be effective from Aug. 1 through year-end, with each metal also having a specific duty, Economy Minister Maxim Reshetnikov said.
Such a minimum duty for steel pellets can be $54 per ton, for hot-rolled flat products and rebar – $115, for cold-rolled products – $133, for stainless steel and ferroalloys – $150.
Reshetnikov also said that for non-ferrous metals duty rates could amount to $1,126 per ton of copper, as well as $2,321 for nickel and $254 for aluminum.
The duties will not affect exports to member states of the Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
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