The Interfax news agency reported on Tuesday that the Russian Government's Commission for Export Trade has reached a decision over export taxes on steel and other ferrous metals.
There was some argument in early April over whether to cut the export taxes in response to the US imposition of 30% import taxes on steel products, as the Secretary of the Commission for Protective Measures in Foreign Trade, Andrei Kushnirenko, told the Reuters news service at the time:
'Some ministries support the removal of the tariff, others don't, and we need another meeting to discuss it,' he announced.
However, according to the Interfax report, the Commission has now decided that a reduction in the export tax is necessary in order to support the country's metal production sector, which has been adversely impacted by a deterioration in trade over the past few months.
The news agency said that the new tax rate is likely to take effect around a month after it is officially announced. However, no information was given regarding the source of the information, or indeed whether the authorities plan on demanding compensation, or taking retaliatory action against the United States
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