The export duties which were introduced on a number of goods in October and had been expected to last until the end of 2024 were scrapped for exports of thermal and coking coals, as well as anthracite.
The measure could increase profit at coal and steel producer Mechel and Raspadskaya coal mine by 6% and 12% respectively.
Russia imposed the duty as a way to raise revenue at a time of increased military spending and as producers increased exports thanks to the weakness of the rouble.
The duty amounts to between 4% and 7% depending on the rouble rate. If the rouble reaches 80 to the dollar, the duty is automatically nullified. The rouble currently trades at around 91 per $1 .
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