Russia may temporarily reduce export duties to friendly countries

The Russian government has proposed introducing a special flexible instrument of tariff preferences for the export of domestic goods in order to stimulate the growth of supplies of grain, fertilizers and raw materials to friendly countries. About the initiative informed Prime Minister Mikhail Mishustin at a regular Cabinet meeting.

We are talking about a possible reduction in export duties for up to six months and the establishment of temporary reduced or zero customs rates for the export of products within a certain volume for no more than one year.

To launch this tool, the government needs to be given additional powers. “Relevant amendments to the federal law “On Customs Tariffs” have been prepared. Today we will send the entire package of documents for consideration to the State Duma,” the prime minister said.

According to Mishustin, the new mechanism will help support Russian regions subject to external restrictions, as well as those regions where, due to changes in logistics routes, there has been an increase in transport costs and, as a result, an increase in the cost of export deliveries of local enterprises.

On July 28, Deputy Prime Minister Victoria Abramchenko announced that the government was preparing regulations for converting payments for food exports from Russia into rubles. The tool is designed to protect Russian exporters and friendly countries from Western sanctions.