The money from duties on metal can be used to compensate for the rise in prices for metallurgists’ products

The funds from the export duties introduced in Russia on ferrous and non-ferrous metals can be used to compensate for the rise in prices for metallurgical products. The government instructed the relevant departments to work out this issue. The duties will be in effect from August 1 to December 31; it was decided to introduce them to curb the rise in prices for metal products in the domestic market.

According to the press service of the government, the order was given to the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Construction, the Ministry of Transport and the Ministry of Economy. “To work out the issue of directing the funds received from the payment of … duties to compensate for the rise in prices for metallurgical products used in construction and in the production of industrial products, including the execution of the state defense order,” the document says.

The duties apply only to exports outside the Eurasian Economic Union. The duties will consist of a base rate of 15% and a specific component (it is calculated depending on the type of metal). In particular, for copper the value of the specific component will be at least $ 1226 per ton, for nickel – $ 2321, for aluminum – $ 254.

More details about duties – in the material “Kommersant” “The government introduces export duties on metal.”

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