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. Last Updated: 07/27/2016

Tariff Won't Hit Trade

MOSCOW -- An export tariff increase that Russia is planning for most metals will hardly affect exports, but producers will have to tighten their belts, producers say.

"We cannot change our export programs because we have signed contracts, so we will have to honor them," Yury Kotlyar, chairman of Norilsk Nickel, said Tuesday.

Russia intends to raise the export tariff on most metals, including gold and precious metals, from 5 percent to 6.5 percent. It will also double the tariff to 10 percent on nickel and copper and introduce a 10 percent tax on zinc.