Russia Introduces Temporary Export Duty Based on Ruble Exchange Rate for Non-Essential Exports

Russia has published Government Decree No. 1538 of 21 September 2023 in the Official Gazette, which introduces a temporary export duty based on the ruble (RUB) exchange rate for exports outside the Eurasian Economic Union. The export duty applies to most exports, except for oil, gas, grain, and exports in the shipbuilding industry. The export duty rates are as follows depending on the RUB/USD exchange rate:

• less than RUB 80 per 1 USD - 0%
• RUB 80 to 85 per 1 USD - 4%
• RUB 85 to 90 per 1 USD -…