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. Last Updated: 07/27/2016

Palladium Exports Start

MOSCOW -- Russia has started palladium exports on a massive scale this year, prompted by an effort to beat a new export tariff set by the government, a spokesman for the deputy head of Norilsk Nickel said Wednesday.

"The 5 percent tariff has provoked massive exports of the metal that is now on the market," said the spokesman for Norilsk's deputy general director, Dmitry Zelenin.

The Russian government published a resolution last Thursday, setting an extra export duty of 5 percent on precious metals effective from April 28.

"No one wants to pay the 5 percent tariff, and they exported as much as they could before the 28th," the spokesman said.