MOSCOW, June 25. /TASS/. Russian Prime Minister Mikhail Mishustin signed a decree introducing export duties on ferrous and nonferrous metals from August 1 until December 31, 2021, the Cabinet’s press service said on Friday.
"Export duties on ferrous and nonferrous metals are introduced in Russia from August 1 to December 31, 2021," the press service said. "The decision was made to restrain the price growth for metal products on the domestic market," the Cabinet noted.
"Duties will comprise the base rate (15%) and the specific component (in dollars per tonne). The value of the latter will be computed depending on the kind of metal (for nonferrous metals) or the conversion degree of products (for ferrous metals), subject to global price dynamics as of the end of five months of 2021," the press service said.
The specific component of the duty will total at least $1,226 per tonne for copper, $2,321 per tonne for nickel, and $254 per tonne for aluminum. The specific duty will amount to least $54 per tonne for pellets (ore concentrate), $115 for hot-rolled flats and reinforcement bars, $133 for cold-rolled products and wire, and at least $150 for stainless steel and ferroalloys.
"Duties will only apply to export outside the Eurasian Economic Union. Russia will hold talks with partners in the integration association to reduce risks of metal products reexport, the government said.
"Introduction of duties will make possible to soften the influence of external market situation on the domestic market and adjust prices of metals and metal products," the Cabinet added.