Russia to Fix Copper/Nickel Export Duty Rates

Reported by Russian newspaper recently, following the effectiveness on August 23 of Russian WTO admission, Russia will adopt fixed rates of 10% for copper export and 5% for nickel export.

From mid-2010, Russia's copper/nickel exports take a progressive duty rate with quarterly adjustment, pegged to London metal exchange prices, and reduced to zero when the copper and nickel prices lower than USD 6,000/ton and USD 12,000/ton respectively.

It is said that the rate change will bring no big impact to big Russian manufacturers of copper and nickel.