Russia prepares to hit metals firms with $2.3bn in export taxes

Russia is preparing new export taxes for steel products, nickel, aluminium and copper which will cost their producers $2.3 billion between Aug. 1 and Dec. 31, its officials told a government meeting on Thursday.

Moscow wants to protect its defence and construction industries from further growth in raw materials costs as prices for metals rise at a global level.

“Our economy is not ready for the kind of avalanche-like shock transfer of global prices to the domestic market that we have seen over the past year,” First Deputy Prime Minister Andrei Belousov said.