Krastsvetmet calls for removing import duty on precious metal-containing wastes

Currently the import duty on secondary raw materials containing precious metals is 19% in Russia. Upon completion of the transition period of Russia’s entry in WTO it will be reduced to 15%. However, the reduction will not solve the issue of precious metal-containing wastes import to the Russian Federation.

Noting that this regulation negatively impacts the entire industry, Krastsvetmet and the Trade and Industry Chamber of Russia have called on the Ministry of Economic Development of Russia to ensure there is no duty on imports of wastes. A positive resolution will provide Russian refiners with access to global raw material markets, increase production volumes and provide additional tax revenue to governments.

In August 2014, the Ministry of Economic Development will prepare documents on the issue for the meeting of the Government Commission on Economic Development and Integration (Subcommittee on Customs tariff and non-tariff regulation, protective measures in foreign trade). The final decision on the viability of zero-customs duty will be taken by the Board of Eurasian Economic Commission that will require approval by the governments of Russia, Belarus and Kazakhstan.