"The income from the duties will be used 'to compensate' for rising metal prices in Russia's domestic market, [Russia's ministry of industry] Andrey Belousov said."
Argus Media, June 25, 2021
- '"Russian exports of aluminium and aluminium products, copper wire and wire rod averaged 80-85pc of annual production in 2015-20," the ministry [of industry] said. "Customs data for 2019-20 and the first quarter of 2021 showed no exports of refined copper alloys, or copper billets for wire production."' (Please see Argus, June 2, for more info.)
- The base tax rate would stand at 15pc, with each product then incurring a specific duty — at least $150/t for ferro-alloys, at least $1,226/t for copper, $2,321/t for nickel and $254/t for aluminium.
- According to the Reuters, [First deputy prime minister Andrey Belousov] said he believed the size of metals exports from Russia would remain unaffected by the tax.
- According to Argus, the Russian state had already implemented tariffs on ferrous scrap exports in January 2021. At that time, Argus believed that the tariffs would have little impact on exports.