The government received the right to reduce duties on exports to friendly countries

Russian President Vladimir Putin signed a law that allows the government to temporarily reduce export customs duty rates for exports to friendly countries and zero rates for exports of goods from certain regions of the country. Document published on the official legal information portal.

According to the text of the law, the government can reduce export duties for up to six months and establish tariff quotas for up to one year, that is, reduced or zero rates of customs duties, for the export of goods to friendly countries within a certain volume. Amendments are being made to the laws “On Customs Tariffs” and “On the Fundamentals of State Regulation of Foreign Trade Activities.”

Russian Prime Minister Mikhail Mishustin explained that the new instrument will stimulate the growth of supplies of grain, fertilizers and raw materials to friendly countries. The law, he said, will help support regions where changes in logistics routes have led to increased transport costs, and Russian companies subject to sanctions.

The government will also be able to establish a procedure for monitoring prices for goods and for calculating export duty rates, determine the method and procedure for distributing part of the volume of tariff quotas on imported goods. In addition, the law clarifies the rules for calculating prices for Urals oil – the cabinet will be able to increase the Urals discount to the North Sea Dated quote for the monitoring period from November 15, 2023 to November 14, 2026.

On December 15, the Ministry of Finance announced that from January 1, 2024, duties on the export of oil and petroleum products will be zeroed out. Now it is $24.7 per ton.

Read more in the Kommersant article. “The Ministry of Finance says goodbye to the oil duty”.

Petr Buzlaev