Government implements flexible export duties tied to rouble exchange rate to protect domestic market

RUSSIA, September 21 - Resolution No. 1538 of 21 September 2023

Starting 1 October, flexible export duties will be applied to a broad range of goods tied to the rouble exchange rate. The relevant resolution has been signed. The measure is temporary and is designed to protect the domestic market.

The duties will range from 4 percent to 7 percent depending on the national currency exchange rate. If the exchange rate drops to 80 roubles per dollar or lower, the duty will be nullified.

For fertiliser, the duty will be up to 10 percent depending on the rouble exchange rate.

This regulation is designed to support the rational balance between exports and domestic consumption. The decision will help protect the domestic market from unwarranted price increases.

Flexible export duties will be in force until the end of 2024.

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Government implements flexible export duties tied to rouble exchange rate to protect domestic market

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