Export duties tied to ruble exchange rate guide domestic market stability
Since October 1, Russia has implemented temporary export duties on a wide array of goods, with the rate linked to the ruble exchange rate. The Federal Customs Service reported that about 117 billion rubles were collected from these payments, a figure shared by Ruslan Davydov, the acting head of the service, in a television interview on the Russia 24 channel.
Davydov explained that the use of variable taxes helped stabilize the ruble while avoiding a heavy burden on business. He noted that, from the start of the year, the Federal Customs Service had transferred more than 6 trillion rubles in customs duties to the federal budget and that meeting the annual plan of 6.46 trillion rubles would be well within reach.
As of October 1, the new regime imposes a variable export duty on a broad spectrum of goods, from alcohol and tobacco to metals and fertilizer. The duty amount depends on the dollar exchange rate and fluctuates between roughly 4% and 7%, shaping incentives for exporters and buyers alike.
Davydov added that the FCS transfers around 29 billion rubles of customs duties to the federal budget each working day. He stressed that these temporary duties are intended to shield the domestic market during periods of exchange-rate volatility, helping to cushion domestic buyers from sharp currency swings.
Earlier developments touched on how foreign entities have been involved in Russia’s economic framework. In another related move, the Federation Council approved a suspension of certain tax agreements in response to sanctions, signaling ongoing adjustments in fiscal policy to address external pressures.
Overall, the current stance on export duties reflects a broader strategy to preserve price stability and market confidence within Russia while balancing the needs of exporters, domestic industries, and government revenue. The regime remains subject to fiscal reviews as markets react to ongoing policy changes and global economic conditions. (Source: Russia 24)