Export duty on copper to be levied as of Dec 18 - FCS
MOSCOW. Nov 19 (Interfax) - An export duty on copper measuring 10% will be levied in Russia effective December 18, the Federal Customs Service told Interfax.
It was earlier reported that a government decree (N893) on introducing the duty had been signed on October 12. The currently export duty on copper stands at 0%.
It was earlier reported that a governmental subcommittee on customs and tariff policy, chaired by First Deputy Prime Minister Viktor Zubkov, approved introducing an export duty on copper at the end of September. In addition, the export rate on nickel was raised from 5% to 10%.
According to the calculations of Russia's Finance Ministry, the introduction of a 10% duty on the export of copper will net the Russian budget 8.8 billion rubles in additional revenue for 2011.
Russia's main producers are OJSC MMC Norilsk Nickel , CJSC Russian Copper Company and Urals Mining and Metallurgical Company (UGMK).