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MIL OSI Translation. Region: Russian Federation –


Russian Prime Minister Mikhail Mishustin ordered to urgently submit to the Cabinet of Ministers draft decisions on the introduction of temporary export duties on metal products.

At a meeting of the government of the Russian Federation on Thursday, the head of the Ministry of Economic Development Maxim Reshetnikov reported on plans to introduce export duties on ferrous and non-ferrous metals for the period from August 1 to December 31 of this year, inclusive. This proposal was supported by Finance Minister Anton Siluanov, Minister of Industry and Trade Denis Manturov and First Deputy Prime Minister Andrey Belousov.

“Colleagues, the issue that you raised is extremely important and relevant today for the country. I ask you to promptly prepare all the necessary documents for making decisions and, literally, urgently submit them to the government,” the head of the Cabinet ordered.

Reshetnikov noted in his speech that the duty will consist of a base rate of 15% and a specific one, which will be calculated as the minimum rate per ton of products. These measures will apply to exports only outside the Eurasian Economic Union, and products will continue to be exported to the EAEU member states without duties.

For the duties to be introduced from August 1, the corresponding decree must be signed no later than June 30.

Reshetnikov added that during the period of the proposed temporary duties, it is planned to develop a permanent mechanism that will allow accumulating in the budget part of the profit from a favorable situation in this area in the coming years.

A source: TASS

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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