Russia to introduce new export tariffs linked to ruble exchange rate on commodities
23 сен 2023 17:14 reported by Joy Liu
The Russian government will impose additional tariffs linked to the ruble-dollar exchange rate on exports of metals, iron ore, pig iron, fertilizers, and other commodities during the period from October 1, 2023 to the end of 2024.
The decision is to help protect the domestic market from unreasonable price increases and maintain a reasonable ratio between exports of goods and domestic consumption. Besides, the measure will help to ease price pressure in the domestic market and earn additional revenues for the nation.
The new tariff will apply to all major export contributors to Russia's GDP, excluding oil, gas, grains, timber, machinery manufacturing, and scrap metal.
According to the regulation, the tariff rate will be zero if the dollar value is 80 rubles or less, and the tariff will be 4% to 7% of the customs value if the exchange rate is higher.
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