Russia mulls revising metals duties

Russia’s economy ministry is looking into revising some base metals export tariffs, but no dates for any changes have been discussed, Economy Minister Elvira Nabiullina has said.

Russian news agencies report that Russia may restore a 10% export tariff on copper and adjust a 5% export tariff on nickel, possibly this year, as metal producers recover from the economic downturn.
The economy ministry had sent a proposal with the changes to the government, but Nabiullina said a revision may take more time. “We have not yet discussed concrete dates of setting them. So far the scheme of levying the tariffs remains unchanged.”

She confirmed that the government was aiming to make the export tariff on nickel more flexible and to peg it to world nickel prices “in the future”. Asked when the copper tariff may be reset, Nabiullina said the issue had not yet been discussed.
Russia scrapped copper and nickel tariffs in February last year to help Norilsk Nickel and other producers, but it has since restored the nickel tariff.