MOSCOW, September 21 The government has introduced flexible export duties linked to the ruble exchange rate, which will avoid unjustified price increases within the country, the department’s press service reported.
“From October 1, flexible export duties will begin to apply in Russia on a wide range of goods linked to the ruble exchange rate. A decree on this has been signed. The measure is temporary. <…> The duties will be in effect until the end of 2024,” it says statement.
It is specified that its size will be from four to seven percent depending on the national currency exchange rate:
- Zero duty at 80 rubles per dollar and below;
- Four percent at 80-85 rubles per dollar;
- Duty 4.5 percent at 85-90 rubles per dollar;
- Duty 5.5 percent at 90-95 rubles per dollar;
- Seven percent at an American currency rate above 95 rubles.
A special regime continues to apply for fertilizers. The duty on their export will be ten percent if the dollar exchange rate is from 80 rubles, and seven percent if the national currency is in a stronger position.
As noted in the press service, this measure is necessary to maintain a rational ratio of exports goods and domestic consumption, in addition, it will help protect the Russian market from unjustified price increases.