The Russian Government will Introduce Duties on the Export of Ferrous and Non-Ferrous Metals
OREANDA-NEWS. The government will introduce duties on the export of ferrous and non-ferrous metals. The introduction of duties is a temporary and most lenient measure to protect the domestic market, as prices for metal products in Russia continue to rise. It is necessary to stop the rise in prices, said the head of the Ministry of Industry and Trade Denis Manturov at a government meeting. Fragments of the meeting were shown by the TV channel "Russia 24".
In turn, the Ministry of Economic Development (MED) proposed to introduce temporary export duties on ferrous and non-ferrous metals - from August 1 to December 31. "The duty will consist of a base rate of 15% and a specific rate," said the head of the Ministry of Economic Development Maxim Reshetnikov.
Specific export duty rates for copper will be $ 1226 per ton, nickel - $ 2321, aluminum - $ 254 per ton. Rates are calculated based on average metal prices over the past five months.
The duties apply only to the export of metals outside the Eurasian Economic Union (EAEU).
"It is necessary to develop a permanent mechanism that will allow accumulating a part of the profit in this area, a favorable situation in the event that the situation continues in the next years, already in the budget," Reshetnikov explained.
According to the Ministry of Economic Development, ferrous metallurgy enterprises will pay 110-115 billion rubles to the budget through export duties, and non-ferrous metallurgy - 50 billion rubles.
"We are forced to agree with the proposal of our colleagues from the Ministry of Economic Development, taking into account that the proposed solution is temporary," Manturov emphasized.