Russia is temporarily cancelling export customs duties on unalloyed pig iron, wire rod and rebar in rod products in foreign currency.
According to the relevant decision, the application of export duties is suspended until 31 August 2024 and applies to transactions starting from 1 June 2024.
This decision aims to increase the competitiveness of Russian metal suppliers and maintain the level of profitability of companies.
Flexible export duties are a temporary measure that will be valid from 1 October 2023 until the end of 2024. The tax rate ranges from 4% to 7% depending on the exchange rate of the national currency. If the dollar exchange rate is below 80 rubles, the tax is reset to zero.
HS codes of the products in question are; 7201101900, 7201103000, 7201109000, 7213100000, 7213914900, 7227901000.
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