Russia last week imposed a 4-7pc export duty on a range of goods, including thermal and coking coal, effective from 1 October until the end of 2024. The tax is linked to the rouble-dollar exchange rate and is set at 4pc when the rouble is Rbs80-85 to the dollar, 4.5pc at Rbs85-90, 5.5pc at Rbs90-95 and 7pc at more than Rbs95. The government plans to use the monthly average exchange rate to set the duty. The current exchange rate is above Rbs95, so duty should be set at 7pc for October.
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