Russian govt removes certain types of pulp and paper products, newsprint from exchange rate export duties

MOSCOW. Aug 20 (Interfax) - The Russian government has decided to remove temporarily certain types of pulp and paper products from exchange rate export duties, the press service of the cabinet of ministers said.

The press service said that the government has suspended export customs duties on newsprint and interliner paper until December 31, 2024, inclusive, in accordance with the resolution signed by Russia's prime minister.

The government believes that the decision should help maintain the level of profitability of enterprises.

Flexible export duties on a number of goods are valid from October 1, 2023, until the end of 2024. The duty is from 4% to 7%, depending on the exchange rate of the national currency. The duty is zero at 80 rubles/$1 and lower.

The Industry and Trade Ministry previously insisted on cancelling export duties tied to the dollar exchange rate for the products of pulp and paper mills (PPM), indicating that paying duties negatively affects export volumes and the profitability of enterprises.