MOSCOW, September 30 (RIA Novosti) - A Russian government commission has proposed introducing a 5% duty rate on nickel exports from December 1, the government website said.
Russia first introduced duty on raw nickel exports at 5% in 2007, but cancelled it in early 2009. The government is now considering reintroducing the tariff to support the state budget.
The Finance Ministry has estimated that the charge could yield up to 4.5 billion rubles ($149.6 million) in annual budget revenue.
Russia's Norilsk Nickel, the world's largest nickel and palladium producer, sold 229,000 metric tons of the metal last year, down 2% against 2007.
Norilsk Nickel General Director Vladimir Strzhalkovsky said on Wednesday that export duty should not be imposed earlier than January 1, 2010.
“It is important that it is reduced, that the [nickel export] duty should not exceed the earlier one,” the businessman said.
Nickel is currently traded on the London Metals Exchange (LME) at some $16,000 per metric ton.
