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RIA Novosti

Russia

Russia eliminates some nickel, copper export duties

19:49 21/01/2009
MOSCOW, January 21 (RIA Novosti) - Russia's prime minister signed on Wednesday a resolution to completely eliminate plain nickel and cathode copper export duties, but kept 10% duties in place for refined copper and copper alloys, a government spokesman said.

The changes will come into effect seven days after their official publication in the government newspaper.

Prime Minister Vladimir Putin said he expected the measures to allow Russian manufacturers to resume production and improve their economic situation, maintaining employment in towns home to nonferrous metals producers and thus positively affecting the social situation.

Economics minister Elvira Nabiullina said that with world nickel prices falling, manufacturing would have become unprofitable if the export duties had been retained. She said the lifting of duties would open up new resources to companies.

A governmental commission for protective measures in foreign trade and customs policy recommended the lifting of a 5% export duty for plain nickel and 10% duty for cathode copper last December.

Norilsk Nickel and UGMK are Russia's largest copper producers and exporters.

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