29 Dec 2023 11:32

Russian govt removes several goods from exchange rate-based export duty requirement, including medicines and chemical products

MOSCOW. Dec 29 (Interfax) - The Russian government has removed a number of goods from the scope of exchange rate-based export duties. Prime Minister Mikhail Mishustin signed the resolution, the press service of the Cabinet of Ministers said.

Duties will not be imposed on medicines and pharmaceutical substances, chemical products, household metal products, tools for industrial drilling, pressing and other operations, pastilles, marshmallows, soy protein concentrate, beet pulp, and certain types of coal products.

At the same time, in order to support SMEs, so-called low-value goods, with a customs value of 200 euro or less, are exempt from duties.

The press service of the Cabinet of Ministers said that there is an exception for "certain types of high value-added goods that are dependent on the import of key components, as well as production-related goods."

Previously, the list of goods exempted from duties was approved by the subcommittee on customs, tariff and non-tariff regulation, and protective measures in foreign trade.

An export duty on a wide range of goods tied to the ruble exchange rate was introduced by the government on October 1, 2023 and will be in effect until the end of 2024. The duty rate at an exchange rate of 80-85 rubles per US dollar is 4%; at 85-90 rubles/1$ is 4.5%; at 90-95 rubles/1$ is 5.5%, and at 95 rubles/1$ or higher is 7%.