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The Russian government will levy a tariff of US $2321 per ton on nickel exports

Time : 2022-07-05 Hits : 4

The Russian government will impose tariffs on exports of ferrous and non-ferrous metals. As the prices of Russian metal products continue to rise, tariff is the temporary and most relaxed measure to protect the domestic market.

Dennis manturov, head of the Ministry of industry and trade, told a government meeting that it was necessary to stop the price rise.

The Ministry of economic development (MED) proposed a temporary export tariff on ferrous and non-ferrous metals from August 1 to December 31. The tariff will include a basic rate of 15% and a specific rate.

Specific export tariff: 1226 US dollars per ton for copper, 2321 US dollars per ton for nickel and 254 US dollars per ton for aluminum. The rate is based on the average metal price for the past five months.

The tariff applies only to metal exports outside the Eurasian Economic Union (eaeu).