Russia to Review Export Duties on Copper and Nickel

Russia's government plans to review export duties on copper and nickel, Prime Minister Vladimir Putin said on August 31.

International prices are quite high, thus the work of the Norilsk Nickel plant is profitable, he said.

"That is why the duties should be reviewed," Putin said. "We have an idea to implement a flexible formula, where the duty will be regulated by changes of international prices, like it is done in the oil and gas sector."

"The formula should be fair," he added. "If we do not have a formula in near future, Norilsk Nickel's shareholders will have to agree with those who offer their own decisions, and the shareholders may not like those decisions."

"The fiscal burden should be acceptable for the Norilsk Nickel Company and other producers," Putin said.