The flexible export duties has been introduced by The Russian Federation since October 2023

The flexible export duties has been introduced by The Russian Federation since October 2023

The flexible export duties linked to the ruble exchange rate has being introduced by the Russian government since October 1, 2023. This is stated in the relevant government resolution.

According to it, if the dollar worth 80 rubles or less, duties will be zero, if the exchange rate is higher, Flexible tariffs will be in place until the end of 2024 to protect the internal market. The regulation is applied to maintain a rational ratio of export of goods and domestic consumption.

The new export duty applies to ferrous metals in particular, cast iron, graded and flat rolled products, semi-finished products, ferroalloys, scrap and waste of ferrous metals, products of direct reduction iron etc.