Russian President Vladimir Putin has signed a law allowing the government to temporarily reduce export duties on certain goods and exempt them from value-added tax, as reported by the Kommersant newspaper. The law states that export duties can be reduced for up to six months, export quotas can be set for up to one year, and export duties on specific goods can be adjusted or canceled to boost exports to friendly or third countries.

Russian Prime Minister Mikhail Mishustin has clarified that this new measure aims to stimulate the increase of exports in agricultural products, machinery and equipment, and pharmaceuticals. According to Mishustin, the changes will address logistical issues that have caused increased transportation costs and led to losses for Russian companies in various regions.

In addition, the government will now have the power to establish price monitoring for goods, establish regulatory procedures for determining export duties and import tariffs, and determine the customs valuation of imported goods.

This move by President Putin demonstrates Russia’s commitment to promote international trade and strengthen its position in the global marketplace. By reducing export duties and exempting certain goods from taxes, the government aims to boost exports and enhance economic growth. This will not only benefit Russian industries and businesses but also create opportunities for partnerships and collaborations with friendly nations and third countries.

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