3 Aug 2023 16:30

Russian govt will be able to cut/zero out export duties temporarily on shipments to 'friendly' countries - Mishustin

MOSCOW. Aug 3 (Interfax) - The Russian government will have the authority to reduce or zero out export duties temporarily within a certain quota when shipping certain types of products to "friendly" countries. Prime Minister Mikhail Mishustin on Thursday at a Cabinet meeting announced the launch of the new mechanism for supporting exports.

"In order to incentivize growth in shipments of grain, fertilizers, and raw materials to 'friendly' countries, the government proposes implementing a special, flexible instrument for tariff preferences. This involves the possibility of reducing export duties for up to six months, and establishing temporarily reduced or zeroed out customs rates of a year or less for exporting products within a certain volume," Mishustin said.

The corresponding amendments are planned to the federal law "On Customs Tariffs". The State Duma will receive a package of documents with the amendments today, Mishustin said.

Mishustin said that, "The measure should support Russian entities subject to external restrictions, as well as to those regions where changes in logistics routes have resulted in rising transport costs that have raised costs for local enterprises to export products."