Jun 01, 2010 (DOW JONES NEWSWIRES ) -- Russia, seeking to offset reduced revenue caused by falling prices for its crude oil exports, may increase duties on metals bound for markets abroad, business daily Vedomosti reports Wednesday.
A duty on copper exports may be introduced later this year and the Ministry of Economic Development has drafted a proposal to raise the duty on nickel, news agency Interfax quoted Deputy Minister Andrei Slepnev as saying Tuesday. He wouldn't specify an amount but said the tariffs would be linked to market-traded prices for the metals.
Duties on exports of non-alloyed nickel and copper were 5% and 10%, respectively, until the government suspended them in January 2009 amid worldwide price declines. The nickel duty was reinstated last December while copper remains at zero.
Options for the copper-export duty have been discussed, with the likelihood it will return to 10%, a ministry official told Vedomosti. The nickel duty could be raised to 9%, he said, pointing out that metals prices are higher than they were a year ago.