Putin signs law on tariff preference for friendly countries
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Moscow (Uttam Hindu News): Russian President Vladimir Putin has signed a law that gives the government the right to temporarily reduce or completely eliminate export tariffs on certain goods to “friendly countries.”
The law signed on Monday will give the Russian government the right to reduce export duties on shipments to friendly countries for a period of up to six months. The government may temporarily reduce or cancel export duties for a certain amount of products for more than a year, Xinhua news agency reported.
When the measure was first introduced in August, Russian Prime Minister Mikhail Mishustin said it was aimed at increasing Russian exports to friendly countries. “In order to encourage an increase in supplies of grain, fertilizers and raw materials to friendly countries, the government suggests introducing a special flexible instrument for tariff preferences,” Mishustin was quoted as saying by the government.
“This measure will make it possible to support Russian businesses facing external sanctions,” he said, “in areas where changes in logistics routes have led to increased transportation costs and, as a result, an increase in the price of exports. “
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