As per Andrey Belousov, First Deputy Prime Minister of Russia, the newly imposed export duty will likely bring in total $2.15 billion (₽163 billion) in revenue into the federal budget.

The move is meant to cooldown domestic metal prices, after a previous such measure, effective in the first half of the current year was not able to stop metals price inflation. The newly proposed duties are termed temporary and would be in effect till Dec 2021.

As per the Russian Federal Government’s Decree No. 988 of June 25, a stipulated 15% export duty will be levied on all steel — semi-finished and finished — as well as on copper nickel, and low-grade aluminum. Duty will be levied in the metals leaving the country and the wider Eurasian Economic Union (EAEU).

This news piece has been extracted from S&P Global Platts and Metal Miner.