13 Oct 2022 11:19

Russia's MinFin mulls damper for polyolefins

MOSCOW. Oct 13 (Interfax) - Russia's Finance Ministry is considering developing a damper mechanism for polyolefins, the director of the ministry's department for assessing the effectiveness of preferential tax regimes, Denis Borisov said.

"Another measure that is also being considered is the possibility of working out a damper mechanism for polyolefins so that the government has an effective mechanism to curb prices for plastics, polymers and end products for consumers," Borisov said at Russian Energy Week.

He also said that the ministry, in cooperation with petrochemical group SIBUR and other market players, is working on possible mechanisms to support producers of synthetic rubber.

An earlier report citing a memo attached to the budget bill said that Russia will introduce a reverse excise for synthetic rubber as of January 1, 2023. The government plans to pay exporters of this product 4.487 billion rubles in the first year that the reverse excise is in effect.