President of the Russian Union of Industrialists and Entrepreneurs Shokhin announced the freezing of investment projects due to export duties
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The President of the Russian Union of Industrialists and Entrepreneurs, Alexander Shokhin, said that due to export duties that were introduced by the government in October, many companies have suspended their projects.
“After the October increase in export duties, many companies put their projects on hold, which are included in the APC (Agreement on the Protection and Promotion of Investments.— “Ъ”), because the fiscal burden has changed very significantly,” said Mr. Shokhin at the forum RBC “New Economy”.
Alexander Shokhin drew attention to the fact that the SZPK does not have a stabilization clause on export duties. “Now we are trying to convince the government to amend the legislation on the SZPK and extend the stabilization clause to the entire fiscal burden,” he said. At the same time, the Ministry of Finance, according to Mr. Shokhin, “resists,” declaring: “We didn’t include this once in order to now meet them halfway.”
The Ministry of Economic Development told Kommersant that they had not received information about the suspension of projects from the companies that entered into the SZPK, or from those planning to do so. The department emphasized that the SZPK is already stabilizing export duties. “Of the 64 SZPK projects, the imposed duty concerns only 16 projects, and will directly affect only seven. At the same time, we note that when the ruble exchange rate depreciates against the dollar, the marginality of investment projects increases. This will allow us to cover the costs of duties and in the long term the projects will remain profitable,” the ministry added.
Export duties on a large list of goods were introduced for the period from October 1, 2023 to December 31, 2024 and apply to supplies outside the EAEU. Duties are set at 4–7% at an exchange rate of 80–95 rubles. per dollar, at an exchange rate of less than 80 rubles. per dollar the rates are zeroed. The main agricultural export subject to the new duties is fish and seafood. From the beginning of October, export duty collections made up 30 billion rubles.
For more information on the attitude of Russian companies to export duties, see material “Ъ”.
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