Russia to Impose 10% Export Duty on Copper

The Russian government said on November 17,2010 it has approved a 10-percent export duty for refined copper.

The resolution will take effect a month after its official publication. Currently there is no export duty for Russian copper.

In September, the governmental subcommission for customs tariffs recommended an increase in the export duty for nickel to 10 percent from 5 percent and to impose a 10-percent duty on copper.

The Economic Development Ministry has suggested setting a formula to calculate export duties depending on the market prices for metals.

The Finance Ministry said imposing the export duties will bring some extra 8.8 billion rubles (280.98 million U.S. dollars) in next year.